Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 13

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Monday, following weak global market cues.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 23,330 level, a discount of nearly 170 points from the Nifty futures’ previous close.

On Friday, the domestic equity market indices ended lower for the third consecutive session, with the Nifty 50 slipping below 23,500 level.

The Sensex declined 241.30 points, or 0.31%, to close at 77,378.91, while the Nifty 50 settled 95.00 points, or 0.4%, lower at 23,431.50.

Nifty 50 formed a reasonable negative candle on the daily chart with minor lower shadow.

“This candle pattern indicates continuation of weakness in the market with lackluster type movement. The immediate support of 23,500 has been broken on the downside but there was absence of sharp selling enthusiasm below support. Nifty is currently placed within the converging triangle on the daily chart and is now in an attempt of a downside breakout of the lower end of the triangle,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Nifty 50 on the weekly chart formed a long bear candle last week after a pullback of the previous couple of weeks.

“The weekly support of the ascending intermediate trend line has been broken on the downside as per weekly close. The underlying trend of Nifty 50 continues to be negative amidst choppy movement. The next lower supports to be watched are around 23,260 – 23,000 levels. Immediate resistance is at 23,600 levels,” Shetti said.

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

Nifty 50 continued the downside momentum for the third consecutive session on December 10 and closed the day lower by 95 points.

“The bearish pressure continues to intensify as the Nifty 50 index closed below 23,500 for the first time in several days. The index remains below the crucial 50 EMA (Exponential Moving Average), reaffirming a bearish trend. Furthermore, the RSI remains in a negative crossover, signaling weak momentum. Sentiment stays subdued in the short term, with the potential for a decline toward 23,300 or 23,000. On the upside, resistance is observed at 23,550–23,600,” said Rupak De, Senior Technical Analyst at LKP Securities.

Amol Athawale, VP-Technical Research, Kotak Securities, noted that the Nifty 50 formed a long bearish candle on the weekly charts and is holding a lower top formation on the intraday charts, which is largely negative.

“We are of the view that the current market texture is weak but oversold; hence, a strong possibility of a pullback rally from the current levels is not ruled out. For short-term traders, 23,600 would be the key level to watch. Above this level, the pullback move could continue till 23,800. Further upside may also persist, potentially pushing the market up to the 200-day SMA or 24,000,” said Athawale.

On the flip side, if the market falls below 23,350, selling pressure is likely to accelerate. Below which, the market could slip to the 23,250 – 23,100 range, he added.

VLA Ambala, Co-Founder of Stock Market Today, also highlighted that the Nifty 50 formed a bearish Marabozu candlestick pattern on the weekly timeframe below its 50- and 20-day EMA in the last session.

“Nifty can expect support near 23,170 and 23,000 and resistance around 23,400 and 23,490. However, trends suggest that market sentiments are likely to remain bearish in the future,” Ambala said.

Bank Nifty Prediction

Bank Nifty index plunged 769.35 points, or 1.55%, to close at 48,734.15 on Friday, forming a a long bearish candlestick pattern on the daily charts.

“Bank Nifty broke its consolidation zone and closed below the 21-weekly and daily EMA, forming a bearish Marubozu on the weekly chart. The strong selling pressure indicates a shift in sentiment. According to Fibonacci retracement, the next support lies at 48,300, and a breach below this level could trigger an additional 1,000-point decline. The index is now in a ‘sell-on-rise’ trend, with any bounce near 49,100 offering a selling opportunity,” said Puneet Singhania, Director at Master Trust Group.

According to him, traders can place a stop-loss at 49,500 to manage risk effectively. The trend favors further downside unless it reclaims key resistance levels.

Amol Athawale believes that for the Bank Nifty, the short-term formation is weak, and a pullback rally is possible only after a decisive break above 49,500.

“If this level is surpassed, it could bounce back to the 50,000 – 50,200 range. Conversely, as long as it trades below 49,600, weak sentiment is likely to continue. On the downside, 48,300 and 48,000 are key support zones for traders,” Athawale 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.