Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 31

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Also Read: 5 things that changed for market overnight: Gift Nifty, US GDP among key global cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: “The Nifty index encountered a robust resurgence of bearish momentum, leading to considerable selling pressure at elevated levels. Amidst this downturn, the addition of substantial open interest in the 19500 CE options signifies that the index is poised to expire below the 19,500 mark. In terms of technical levels, the index's immediate support on the downside is evident in the range of 1,9300-19,250.

A failure to sustain above this level could potentially trigger a continuation of the downward movement," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities. Also Read: Day trading guide for today: Six stocks to buy or sell on Thursday — August 31 Bank Nifty index declined 263 points to end at 44,233 on August 30 amid selling in select banking heavyweight. “The Bank Nifty index experienced a significant bearish takeover, leading to a rapid correction of 600 points from the day's high.

As the index navigates this downward movement, its next significant support on the downside is positioned at 44,000. This level is crucial, given the substantial open interest built up on the put side," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities. Shah believes the overall market sentiment remains bearish, with considerable resistance anticipated around the range of 44,500 to 44,700 levels.