Exegesis:
eulogētos ‘praised,’ with eiē ‘be’ (optative), or estin ‘is’ understood, preferably the latter. As distinct from eulogēmenos (see on v. 42), eulogētos in the New Testament always refers to God or to Jesus Christ.
kurios ho theos tou Israēl ‘the Lord, the God of Israel’; because of the Old Testament background of the phrase it is best to understand kurios as representing the name Yahweh and not as a title.
hoti epeskepsato ‘for he has visited (his people)’ with ton laon understood.
episkeptomai in Luke always of God’s visiting of his people in order to bestow some grace upon them, here the redemption referred to in the subsequent clause. Thus the verb here prepares, as it were, the way for that clause.
kai epoiēsen lutrōsin tō laō autou ‘and he has brought about redemption for his people.’ In this Hebraistic phrase the event is indicated by the verbal noun lutrōsis, epoiēsen having only an auxiliary function; hence the rendering ‘redeemed’ (cf. Revised Standard Version).
lutrōsis (also 2.38) ‘redemption.’
Translation:
Blessed, or, ‘worthy of praise’ (Tagalog); or, where active forms must be used, ‘I wish-to praise’ (Kituba), ‘the Lord … should receive big name’ (Sranan Tongo).
The Lord God of Israel. For “the Lord, (the) God” followed by a possessive, see above on v. 16.
Has visited. The verb ‘to visit,’ ‘to come to see’ sometimes has the required connotation of ‘to care for,’ e.g. in Trukese, Zarma. Elsewhere other verbs or phrases must be used to indicate that connotation, e.g. ‘to look-(down-)upon’ (Tae,’ Kituba), ‘to turn-to-look-at’ (Tboli), ‘to descend-upon’ (Balinese in 7.16, a term commonly used when the gods visit their worshippers e.g. at a temple festival), ‘to forget not’ (Cuyono in 7.16), and quite explicitly, ‘come to help/save’ (Dios Habla Hoy, Good News Translation). In the present verse, however, some versions use a more generic verb because of the specification given by the next verb, e.g. ‘he has come to redeem his people’ (cf. Navajo, Apache).
In Greek or English his people can have two meanings, (1) ‘the people he rules’ (as intended here), and (2) ‘the people he is a member of,’ but in other languages the use of the possessive pronoun may suggest either (1) or (2); if (2) then another rendering must be chosen. Therefore Toraja-Sa’dan says ‘the men He has chosen’; some other Indonesian languages use a noun that characterizes a people as the followers of a prophet or subjects of a god, and normally takes the possessive pronoun as a reference to that prophet or god. For people cf. above on v. 17; for making explicit that the reference is to the people to which the speaker belongs, cf. on “his servant Israel” in v. 54.
Quoted with permission from Reiling, J. and Swellengrebel, J.L. A Handbook on the Gospel of Luke. (UBS Handbook Series). New York: UBS, 1971. For this and other handbooks for translators see here . Make sure to also consult the Handbook on the Gospel of Mark for parallel or similar verses.