Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 16

The trends on Gift Nifty also indicate a stronger start for the Indian benchmark index. The Gift Nifty was trading around 22,081 level as compared to the Nifty futures’ previous close of 22,015.

On Thursday, the benchmark equity indices rose for the third consecutive session with the Nifty 50 closing near the intraday high.

The Sensex gained 227.55 points to close at 72,050.38, while the Nifty 50 ended 70.70 points, or 0.32%, higher at 21,910.75.

Nifty formed a small body type candle at the highs with minor upper and long lower shadow.

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“Technically, this pattern indicates a formation of doji type candle pattern. Such formations after a reasonable upmove or down moves signal impending trend reversals. Having formed this pattern after one day of upmove doesn’t show any predictive value,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

According to Shetti, Nifty is currently placed at the edge of moving above the minor downtrend line resistance around 21,900 – 21,950 levels. A decisive break above this hurdle could open the doors for new all time highs around 22,150 levels.

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

Nifty Prediction

Nifty 50 shifted into follow-through upmove with range bound action on February 15 and closed the day higher by 70 points, above the resistance level of 21,850.

“According to the daily chart, Nifty has experienced a consolidation breakout, indicating a positive shift in sentiment. Additionally, the index has closed above the 20-DMA (20-day moving average) for the third consecutive session, and the RSI shows a bullish crossover. In the short term, there is a possibility of the index moving towards 22,200,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the downside, he said that support was situated at 21,750.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 16

Bank Nifty Prediction

On February 15, the Bank Nifty index rallied 311 points to close at 46,219, its highest level since January 16.

“The Bank Nifty bulls maintained their strong dominance as the index closed above the 46,000 mark. The immediate resistance for the index is situated at the 46,600 – 46,800 zone, and a successful breach above this level could pave the way for further upside towards the 48,000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, the lower-end support has shifted to the 45,800 mark, serving as a crucial cushion for the bulls in the current scenario.

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.

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Published: 16 Feb 2024, 07:34 AM IST