Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 20

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 22,141 level as compared to the Nifty futures’ previous close of 22,160.

The domestic equity indices ended higher for the fifth straight session on Monday, with the Nifty hitting an all-time high on the intraday charts.

The Sensex gained 281.52 points to close at 72,708.16, while the Nifty 50 settled 81.55 points, or 0.37%, higher at 22,122.25.

Nifty 50 formed a small positive candle on the daily chart with upper and lower shadow.

“Technically, this pattern indicates the formation of a high wave or doji type candle pattern. Having formed this pattern after a reasonable upside and at the key overhead resistance indicates chances of consolidation or minor dip in the market for a short term,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the near-term trend of Nifty remains positive. But the market is displaying lack of strength to witness a decisive upside breakout of the resistance around 22,150 – 22,200 levels. Further consolidation or minor dip can’t be ruled out in the coming sessions, Shetti added.

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

Nifty OI data

The call side displayed the highest Open Interest (OI) at 22,500, followed by the 22,600 strike prices. On the put side, the maximum OI was observed at the 22,000 strike price.

Nifty 50 Prediction

The benchmark index Nifty 50 closed the day higher by 81 points on February 19, after zooming into a new all-time high of 22,186 levels.

“Nifty has surpassed the swing high on the hourly chart, signaling an increase in optimism. Additionally, the consolidation observed in recent days has concluded with an upside breakout. The momentum indicator RSI is also suggesting a positive shift in momentum,” said Rupak De, Senior Technical Analyst, LKP Securities.

According to him, the overall sentiment appears to position Nifty for a potential upward movement towards 22,500 – 22,600 in the short term. The immediate crucial support is situated at 22,000.

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Bank Nifty Prediction

On Monday, the Bank Nifty index gained 151 points to close at 46,536, forming a doji candle on the daily chart, signaling indecision in the market.

“Despite this, the overall undertone remains bullish, suggesting a buy approach. The immediate resistance on the upside is situated at 46,700, and a closing above this level is likely to trigger further short-covering moves towards the 48,000 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

On the downside, the immediate support is at 46,000, coinciding with the area of the highest open interest on the put side, indicating a crucial level for potential price movements, Shah added.

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: 20 Feb 2024, 07:38 AM IST