Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 11?
The domestic equity benchmark indices, Sensex and Nifty 50, are likely to have a muted start on Wednesday, tracking mixed global cues.
The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,175.50 level, a premium of nearly 14.9 points from the Nifty futures' previous close.
On Tuesday, the domestic equity market ended flat, with the benchmark Sensex snapping its four-day winning streak on profit booking, while the Nifty 50 holding above 25,100 level.
The Sensex fell 53.49 points, or 0.06%, to close at 82,391.72, while the Nifty 50 settled 1.05 points higher at 25,104.25.
Here's what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex continued narrow range activity and ended lower by 53 points on Tuesday' choppy session.
'Key support zones for traders include 82,000 and 82,100, while 82,400 - 82,600 would act as a key resistance area for the bulls. We are of the view that as long as Sensex trades between 82,000 and 82,600, range-bound textures are likely to continue. A successful breakout above 82,600 could push the index up to 83,000 - 83,200. On the other side, below 82,000, selling pressure is likely to accelerate. Below this level, Sensex could retest the level of 81,700 - 81,500,' said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty Open Interest (OI) data shows the highest concentration on the call side at the 25,200 and 25,300 strike prices, indicating strong resistance at these levels. On the put side, significant OI build-up is observed at the 25,000 and 24,900 strike prices, marking these as key support zones, said Hardik Matalia, Derivative Analyst at Choice Broking.
Nifty 50 shifted into a consolidation with positive bias in the last couple of sessions, and formed a small negative candle on the daily chart.
'After breaking above the hurdle at 25,000 levels, Nifty 50 was not able to gather momentum to witness a decisive upside breakout on Tuesday. Despite showing choppy movement in the short term, the near-term uptrend setup of Nifty 50 remains positive and a sustainable move above 25,200 levels could open the next upside towards 25,600 levels in the near term. Immediate support is placed at 25,000 - 24,900 levels,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
Om Mehra, Technical Research Analyst, SAMCO Securities, said that the Nifty 50 index formed a daily candle strikingly similar to the previous session, with the open and high levels nearly identical, indicating continued hesitation near resistance.
'The session remained range-bound; however, the broader trend retained its positive traction. The 9 EMA has crossed above the 20 EMA, strengthening the bullish setup. The daily RSI remains steady at 61, indicating sustained momentum, while the MACD hovers near a potential bullish crossover. A mild pullback toward the 25,000 – 24,950 zone would be considered healthy within the uptrend. However, sustained weakness may only be seen if the index closes below 24,880,' Mehra said.
According to Dr. Praveen Dwarakanath, Vice President of Hedged.in, Nifty 50 formed a strong bearish candle engulfing its previous day's high and low, indicating weakness in the index near its resistance of 25,200 level.
'The index has formed a bearish candle on the upper part of the Bollinger band; however, the closing was well below the upper Bollinger band, indicating weakness in the index. Immediate support for the index is at 24,800, where the 20-day moving average is placed. A reversal towards this support can be expected in the coming days,' said Dwarakanath.
VLA Ambala, Co-Founder of Stock Market Today said that the broader market retains its bullish undertone, with Nifty 50 touching 25,199 before consolidating sideways in the latest session.
'I advise accumulating on every 2-3% dip. Based on this momentum, we can expect Nifty 50 to gather support between 25,000 and 24,940 and meet resistance near 25,190 and 25,260,' Ambala said.
Bank Nifty index declined 210.50 points, or 0.37%, to close at 56,629.10 on June 10, forming a second consecutive small-bodied red candle, reflecting short-term hesitation after the recent sharp up move.
'Bank Nifty index holds firmly above all key moving averages, which keeps the broader trend supportive. The daily RSI stands at 66, indicating that momentum remains healthy. Additionally, the MACD has just entered positive territory. The overall trend remains neutral to bullish as long as the index sustains above the 56,000 mark,' said Om Mehra.
A decisive move above 57,050 could open the door for further gains. On the downside, any dip toward the 56,200 to 55,100 zone may act as a cushion and offer support during pullbacks, he added.
According to VLA Ambala, Bank Nifty could find support around 56,500 – 56,030 and meet resistance near 57,350 and 57,700 in today's session.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Hindustan Times
27 minutes ago
- Hindustan Times
Dubai man trolled for inviting IIM students to work for free: ‘No stipend, get real-world exposure'
A Dubai-based Indian professional has sparked a wave of backlash after inviting MBA students from India's top business schools to apply for an unpaid short-term project. Sahil Deshmukh's LinkedIn post on a 'no stipend' position for MBA students was met with outrage, with many calling it a slap in the face of students who spend lakhs and work hard to secure admission to B-schools like the IIMs and XLRI. Unpaid internship for IIM students? Hiring post draws flak (Representational image) Deshmukh, who works as a Manager in the Global CEO's Office at Erba Mannheim, is himself a graduate of IIM Lucknow. In a post shared on LinkedIn one day ago, he announced a vacancy for MBA students from top institutions like the Indian Institute of Management and the Faculty of Management Studies, Delhi. 'Looking for MBA students from IIMs, FMS, SPJIMR, XLRI, MDI, or other top B-schools for a short-term live project,' Deshmukh wrote. 'It's a 3-4 week remote project with no stipend, but a good opportunity to work closely with the leadership team on strategic initiatives,' the Dubai-based employee revealed. He called the position 'Ideal for someone looking to get real-world exposure and contribute meaningfully.' The backlash The backlash was swift, massive and entirely expected. In the comments section of the post, many called out Deshmukh for expecting MBA students to work for free. has reached out to him for a statement. This copy will be updated on receiving a response. 'Let's put an end to the exploitation of unpaid internships. As Indians, it's time we speak up against a toxic work culture that normalizes offering no stipend in exchange for full-time effort,' wrote one LinkedIn user. 'And the saga of unpaid work (in the name of 'gaining experience'), keeps on thriving. Quite sad,' another said. 'Pay. It's not a difficult thing to do. Don't loot people in the name of experience,' LinkedIn user Piyush said. 'You want people from top B-schools to put their heart and soul into a project , 'contribute meaningfully' but with no stipend? Crazy,' another added. The post also reached Reddit, where reactions were overwhelmingly negative. 'Getting freshers with no experience a start is different, hiring generic MBAs is different. But asking for tier 1 MBAs and refusing to pay them is crazy,' a user said.
Economic Times
27 minutes ago
- Economic Times
ఇరాన్ పై యుద్దానికి దిగిన అమెరికా.. రేపు స్టాక్ మార్కెట్లు ఎలా ప్రారంభం అవుతాయంటే?
us iran tensions impact on indian stock market key levels to watch for nifty 50 and sensex
Time of India
37 minutes ago
- Time of India
Automation in Bengaluru's kitchens: Hotels seek solutions to South Indian cook shortage
Representative Image BENGALURU: As demand for South Indian cuisine surges and hotels face a cook shortage, many are seeking new ways to integrate advanced technology into their kitchens. While automation in the hotel industry is not a new concept, it is now entering a new phase, with a focus on further automating tasks traditionally done by human hands. "Particularly South Indian cooks are hard to find," says PC Rao, Honorary President, Bangalore Hotels Association (BHA). "We have machines for vada-making, pongal preparation, and more, but there's still a need for someone to measure the ingredients and feed them into the machines. It is not 100% mechanised yet." He was talking to TOI on the sidelines of the launch of Media Day Marketing trade expo where equipment industries will meet the hospitality sector. Echoing his sentiments, President of Bangalore Hotels Association, Subrahmanya Holla said, "It's interesting how things will unfold, and we're also waiting to see." Holla, whose own hotel still favours a hands-on approach, acknowledges that machines can be a good solution for bulk production, such as in catering. "Vada making makes sense in high-volume business. Pongal machines are already in use. But you can't fully mechanise everything. Some things still require ahuman touch, like pouring ghee and sugar, in a Mysore Pak production line," Holla shares. K Rama Murthy, owner of Konark Hotel on Residency Road, who was in the industry for over 40 years, addresses the challenges in complete automation of South Indian food. "South Indian food is passed down generationally. It is not something we can easily put in a syllabus for students. Hence, while the automation of beverage preparation, like cocktail mixing, is already common, the same is harder to achieve with food. For Indian food, especially South Indian items, it is made to order." He finds the fresh food production segment at a crossroads. New manpower laws have made hiring and retaining fresh-food staff more challenging, shrinking the pool of cooks willing to learn complex, made-to-order South Indian recipes. Advanced solutions like freeze-drying plants or vacuum-packed ready-cook systems are emerging to retain higher nutrition levels, but are expensive, he added. At his hotel, he uses automation. Murthy elaborates on the same: Three-star hotels in the city have adopted this technology—a combi-oven, which can cook with steam and dry heat—giving you rice, steam veg, pulao, any rice item—bisibele bath and pongal. You can roast masalas in the machine in a systematic way. There are limitations—shallow frying and traditional methods, like masala dosa preparation, or making sambar. For Uddina vadas, there is a separate machine—the dough gets dropped like doughnuts. "We also have an in-house South Indian filter dispensing machine, and are looking for idli dropping and cooking systems," he said, being the go-to person on automation in the sector. Hospitality students are also training on the growing role of AI in the sector, including streamlining kitchen operations. Sanchari Chowdhury, Director at IIHM Bangalore, said, "Although human touch is still very much needed in hospitality, AI helps in menu planning, stock taking, and ingredient percentages, making the process faster. Even experiences are curated using tech—a Japanese restaurant in the city has automated the process of learning its guest's food and seating preference. " "We are in a city that has accepted automation well," she adds. "Key cards in hotels are replaced by mobile check-ins. Roles in hospitality are changing—but the warm body is very needed in hospitality even today."
