Stock Market Outlook Today, 6 August: Sensex, Nifty Likely To Build on RBI-Led Stability; Experts See Upside

Indian stock markets are expected to trade with a positive bias on Thursday, August 6, 2026, after the Reserve Bank of India (RBI) maintained the repo rate at 5.25% and retained its neutral policy stance. Investors are also likely to draw comfort from softer crude oil prices, while the ongoing June quarter (Q1 FY27) earnings season is expected to keep stock-specific action in focus.

Stock Market Outlook Today, 6 August 2026: Sensex, Nifty Prediction for Thursday

"Indian equities are expected to trade with a positive bias, supported by Brent crude prices at lower levels (US$80.5/bbl), which is expected to improve the outlook for inflation and corporate margins. With the RBI maintaining its policy stance and with the ongoing Q1FY27 earnings season, stock-specific action is expected to remain the dominant market theme," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.

Indian equity markets ended Wednesday's session with modest gains after giving up most of their early advances following the RBI's monetary policy announcement. Although the central bank's decision largely matched market expectations, investor sentiment turned cautious later in the day after fresh geopolitical developments involving US President Donald Trump, Iran and the Strait of Hormuz pushed Brent crude oil prices back towards the US$80 per barrel mark.

At the closing bell, the BSE Sensex gained 152.05 points, or 0.19%, to settle at 78,581, while the NSE Nifty 50 added 9.75 points, or 0.04%, to close at 24,624.65.

Nifty Prediction Today, 6 August 2026: Consolidation May Continue Before Fresh Upside

According to Bajaj Broking Research, the Nifty continues to display a constructive technical structure despite witnessing a second consecutive session of consolidation. The brokerage noted that the benchmark index formed a bullish hammer-like candlestick on the daily chart, indicating buying interest emerging at lower levels.

The brokerage highlighted that Nifty recently broke above a three-month triangular consolidation pattern, reinforcing the broader bullish trend. While the index has paused after rallying more than 1,100 points over the previous seven trading sessions, analysts believe the current consolidation is healthy and could help establish a stronger base for the next leg of the rally.

"We expect the index to extend the last two sessions consolidation and form a base at higher levels. The overall structure is positive, we believe the current breather should be used to accumulate quality stocks in a staggered manner," said Bajaj Broking Research.

The brokerage expects the benchmark index to gradually move towards the 25,000-25,200 zone over the coming weeks.

From a technical perspective, immediate support is placed in the 24,400-24,500 range. As long as the Nifty remains above this zone, analysts expect a pullback towards 24,720 and 24,800 in the near term. Stronger short-term support is now seen around 24,200-24,000, where key Fibonacci retracement levels coincide with the 20-day and 50-day exponential moving averages (EMAs).

Bank Nifty Outlook: Break Above 58,700 May Trigger Fresh Rally

Bajaj Broking Research noted that Bank Nifty traded within a narrow range during Wednesday's session and formed an inside-bar candlestick, reflecting indecision following recent profit booking. However, the index managed to hold above its 20-day EMA, suggesting buying interest continues to emerge at lower levels.

"The index continues to consolidate within the broader 56,500-58,700 range that has been in place over the past seven weeks. A decisive breakout above 58,700 would signal a resumption of the uptrend, opening the door towards 59,300 and 60,000 in the coming sessions. Until then, the index is likely to remain range-bound with a stock-specific bias," said the brokerage.

According to the brokerage, immediate support for Bank Nifty is placed near 57,400, followed by the 57,000-56,800 zone. On the upside, resistance is seen around 58,000-58,100, while a sustained move above the 58,500-58,700 range could strengthen bullish momentum and pave the way for a fresh upward move.

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