Indian Stock Market Expected to Open Weak Amid Rising Brent Crude Oil Prices

The Indian stock market is expected to open weak on Friday, August 7, due to rising Brent crude oil prices. The price of Brent crude climbed more than 1% to $83.45 a barrel amid escalating tensions in the Middle East, raising concerns over energy supplies and inflation.

According to Hitesh Tailor, Technical Research Analyst at Choice Equity Broking Private Ltd., the Sensex ended 373.76 points higher at 78,954.76. The index continues to hold above the crucial 78,300-78,600 support zone, keeping the near-term trend constructive.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, expects the 24,400-24,300 zone to act as a strong buy-on-dips area for the Nifty 50. He believes the underlying trend remains positive despite ongoing consolidation and sees a decisive move above 24,800 paving the way for an advance towards 25,150 in the near term.

Bank Nifty traded in a narrow range on Thursday and ended the session 0.56% higher, closing above the 58,000 mark. Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, expects the 290-day exponential moving average to provide strong support for the Bank Nifty.