The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 21,942 level as compared to the Nifty futures’ previous close of 21,849.
On February 9, the benchmark equity indices witnessed upside bounce with the Nifty 50 ending above 21,750 level.
The Sensex gained 167.06 points, or 0.23%, to close at 71,595.49, while the Nifty 50 ended 64.55 points, or 0.3%, higher at 21,782.50.
Nifty 50 formed a small body-positive candle on the daily chart with a minor lower shadow, which indicates an emergence of buying from the lower supports.
“The market remained in a pattern of a one-day sharp decline and upside bounces in the subsequent days. The Nifty is currently placed at the immediate support of the uptrend line around 21,550 – 21,600 levels. Positive chart patterns like higher tops and bottoms are intact and Friday’s low of 21,630 could be considered as a new higher bottom,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
According to him, the overall uptrend status of Nifty remains intact and there is a possibility of further upside towards 22,000 levels in the near term. Any dips down to 21,600-21,500 levels could be a buying opportunity, he said.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
Nifty 50 shifted into a sustainable upside bounce from the lows on Friday and closed with gains of 64 points.
“Nifty found support at the 20-DMA (20-Day Moving Average) for the second day in a row. The trend could weaken if it decisively drops below 21,690. A decisive fall below 21,690 may trigger a correction towards 21,500,” said Rupak De, Senior Technical Analyst, LKP Securities.
On the contrary, if it moves above 21,800, we might observe a recovery in the near term, he added.
Bank Nifty Prediction
Bank Nifty outperformed the Nifty 50 and surged 623 points, or 1.4%, to close at 45,635 on February 9.
“The Bank Nifty bulls exhibited strength as they successfully defended the crucial support level of 45,000, establishing it as a critical support zone. The index is currently in a “buy on dip” mode, and as long as the mentioned support holds on a closing basis, the bullish sentiment remains intact,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Looking ahead, he added that the immediate resistance on the upside is situated at 46,000, and a decisive break above this level is anticipated to trigger further short-covering moves in the market.
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 taking any investment decisions.
Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!
Download The Mint News App to get Daily Market Updates.
Published: 12 Feb 2024, 07:37 AM IST