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Mint
5 days ago
- Business
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 17
The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower Tuesday, tracking mixed global market cues. The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 24,974 level, a discount of nearly 22 points from the Nifty futures' previous close. On Monday, the domestic equity market ended sharply higher, with the benchmark Nifty 50 closing above the 24,900 level. The Sensex surged 677.55 points, or 0.84%, to close at 81,796.15, while the Nifty 50 settled 227.90 points, or 0.92%, higher at 24,946.50. Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Nifty Open Interest (OI) on the call side is concentrated at the 25,000 and 25,200 strike prices, suggesting these levels as key resistance zones. On the put side, significant OI build-up is seen at the 24,900 and 24,800 strike prices, highlighting these as important support levels, said Hardik Matalia, Derivative Analyst at Choice Broking. Nifty 50 witnessed an excellent follow-through upmove action on June 16 and closed the day higher by 227 points. 'A long bull candle was formed on the daily chart that has surpassed the hurdle of the recent opening downside gap area at 24,825 levels. Nifty 50 is placed again into a broader high low range of 24,500 - 25,100 levels and is currently moving up from the lower range towards the upper range area,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. He believes the underlying trend of Nifty 50 continues to be positive, and after the formation of short-term bottom reversal at 24,473 levels on Friday, Nifty 50 is expected to move towards the next hurdle of 25,100 - 25,200 levels in the next few sessions. Immediate support is placed at 24,800. Dr. Praveen Dwarakanath, Vice President of said that Nifty 50 covered the gap between 24,900 and 24,700 in yesterday's rally, forming a bullish candle; however, the index continues to trade in the range of 24,500 and 25,200. 'The options writers' data also suggests a range-bound move in the index for now. Nifty 50 index is bouncing from the support at the 24,500 level towards its resistance at the 25,200 level. The stochastics continued to fall even though the index rallied upside, indicating the upside momentum is limited to its resistance level. The ADX DI+ and the ADX DI- lines are moving crisscrossing each other, indicating no clear trend in the index. One can look to sell the index near its resistance and buy near its support until one of these levels is taken off,' said Dwarakanath. According to VLA Ambala, Co-Founder of Stock Market Today, Nifty 50 formed a bullish Marubozu candlestick pattern at the daily time frame and concluded above last week's closing price. 'This development offered a boost to the market sentiments. For this week, Monday's lower range of 24,600 to 24,700 will be a key range to watch. As long as the price sentiment remains bullish above this range, bulls will try to protect the range. The Nifty index's RSI was at 55 at the daily time frame, which indicated a moderate buying range for traders and investors. While the broader trend remains bullish, any dips in this range could present buying opportunities,' Ambala said. Reviewing these aspects, Ambala expects Nifty 50 to gather support between 24,900 and 24,750 and meet resistance near 25,180 and 25,250. Bank Nifty index gained 417.55 points, or 0.75%, to close at 55,944.90 on Monday, snapping its four consecutive sessions of losses. 'Bank Nifty formed a bull candle with a higher high and higher low and in the process filled its Friday's gap down area and 20 days EMA. In the coming session a move above 56,000 levels will open further upside towards 56,600 and 57,000 levels. Failure to do so will lead to consolidation in the range of 56,000 - 55,000 amid stock specific action,' Bajaj Broking Research said. On the downside only a breach below 55,000 levels will open downside towards the key support area of 54,500 - 55,000 in the coming sessions, the brokerage firm added. Om Mehra, Technical Research Analyst, SAMCO Securities noted that the Bank Nifty index formed a bullish candle on the daily chart, rebounding from the recent swing low of 55,149.30. 'Bank Nifty index has reclaimed the 20-day SMA and closed above the 38.2% Fibonacci retracement level at 55,840, drawn from the recent high to the low. The index is currently hovering just below the 56,100 mark, which coincides with the 50% retracement level, a key resistance zone in the short term. Sustained strength above this zone could open the door toward 56,640, the 78.6% retracement level,' Mehra said. On the downside, the 20-day EMA and the 23.6% retracement at 55,475 now serve as immediate support levels. The RSI has recovered to 55, from the lower levels. However, the MACD remains in negative territory with a slight narrowing of the histogram, he added. 'Overall, a decisive close above 56,200 would strengthen bullish sentiment, while any dip towards 55,800 – 55,720 could offer a favourable buy-on-dip opportunity,' Mehra said. 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.
Mint
11-06-2025
- Business
- Mint
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 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.
Mint
10-06-2025
- Business
- Mint
Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 10
The domestic equity benchmark indices, Sensex and Nifty 50, are likely to open higher on Tuesday, tracking gains in global markets. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,248 level, a premium of nearly 66 points from the Nifty futures' previous close. On Monday, the domestic equity market extended gains to the fourth consecutive session, with the benchmark Nifty 50 closing above the 25,100 level. The Sensex gained 256.22 points, or 0.31%, to close at 82,445.21, while the Nifty 50 settled 100.15 points, or 0.40%, higher at 25,103.20. Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex has formed a small candle on daily charts, suggesting indecisiveness between the bulls and the bears. 'We are of the view that 82,000 would act as a sacrosanct support zone for trend-following traders. As long as Sensex is trading above this level, the uptrend is likely to continue. On the higher side, it could move up to 82,800 - 83,000. On the flip side, falling below 82,000 would render the uptrend vulnerable,' 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 on June 9 and closed the day higher by 100 points. 'A small red candle was formed on the daily chart that has moved above the broader high low range of the last couple of weeks around 24,500 - 25,000 levels. Nifty 50 is presently stuck at the immediate hurdle of 25,200 levels and there is a higher possibility that the hurdle could be taken out on the upside soon,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him, the underlying trend of Nifty 50 remains positive, and a sustainable move above 25,200 could open the next upside towards 25,600 levels in the near term. Immediate support is placed at 24,900 levels. Om Mehra, Technical Research Analyst, SAMCO Securities said that the Nifty 50 index formed a small-bodied red candle after testing the resistance zone near 25,160, signalling slight hesitation. The intraday high of 25,160.10 and a close slightly below the VWAP (25,113) indicate mild profit booking at higher levels. 'The index is now trading well above all key moving averages, confirming that the bulls remain in control over the broader term. The daily RSI stands at 61, reflecting a neutral stance, while the MACD fast line is gradually improving from lower levels. A decisive close above 25,160 could push the index towards the 25,260 – 25,320 zone. On the downside, immediate support lies at 24,880, followed by the 50-day simple moving average (SMA) at 24,806, which may act as a broader cushion,' Mehra said. A dip towards these levels may present buying opportunities unless it is breached decisively, he added. VLA Ambala, Co-Founder of Stock Market Today, noted that the Nifty 50 closed near the 25,000 mark, breaking past a key resistance level for the June series. 'Nifty 50 formed a small bearish belt hold candlestick on the daily chart, indicating mild profit booking or hesitation. We can expect Nifty 50 to find immediate support between 25,030 and 24,980 and face resistance near 25,230 and 25,320 in today's intraday move,' Ambala said. Bank Nifty index rallied 261.20 points, or 0.46%, to close at 56,839.60 on Monday, after hitting a fresh record high of 57,049.50 during the session. 'Bank Nifty index formed a bearish candle after an intraday breakout, reflecting mild profit booking near the psychological mark and horizontal resistance zone. Although the intraday session was muted, the broader structure remains strong as the index continues to hold above all key moving averages. The breakout from the ascending triangle pattern on the daily chart remains valid unless the breakout base near 56,100 is breached,' said Om Mehra. The RSI stands at 69, with a positive slope and a recently confirmed bullish divergence that strengthens the upside bias. Meanwhile, the MACD has just triggered a fresh bullish crossover above the zero line, a development that often precedes sustained directional moves, he added. 'The immediate zone to watch on the upside remains 57,200. A decisive close above this may unlock potential towards 57,500 - 57,750, aligning with Fibonacci projections. On the downside, the breakout zone of 56,100 – 56,200 now acts as the first support band. A deeper dip could find a cushion near the 55,800 zone,' said Mehra. Bajaj Broking Research said that the Bank Nifty index formed a small bear candle with a higher high and higher low and a bullish gap below its base (56,695 - 56,792), signaling positive bias and continuation of the up move post breaking above the upper band of the last 6 weeks range (56,000 - 53,500). 'We expect the index to maintain positive bias and head higher towards 57,300 and 57,700 levels in the near term. The short-term structure remains constructive with immediate support placed at 55,900 levels being the Friday's breakout area. While key support is placed at 55,400 - 55,500 levels being the confluence of 20 days EMA and key retracement area,' Bajaj Broking Research said. 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.
