The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 21,742 level as compared to the Nifty futures’ previous close of 21,696.
![Nifty 50 formed a long bear candle on the daily chart that placed it at the edge of the downside breakout of the crucial support of the uptrend line at 21,600 levels. (MINT_PRINT) Nifty 50 formed a long bear candle on the daily chart that placed it at the edge of the downside breakout of the crucial support of the uptrend line at 21,600 levels. (MINT_PRINT)](https://10xwealthreport.com/wp-content/uploads/2024/02/echo/The-renewed-investor-interest-comes-in-the-wake-of_1689644643780_1707790750485.jpg)
The Indian stock market indices, Sensex and Nifty 50, are likely to open on a cautious note on Tuesday following mixed global market cues.
The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 21,742 level as compared to the Nifty futures’ previous close of 21,696.
On February 12, the equity benchmark indices witnessed a sharp fall with the Nifty closing the day lower below 21,700 level.
The Sensex plunged 523.00 points, or 0.73%, to close at 71,072.49, while the Nifty 50 settled 166.45 points, or 0.76%, lower at 21,616.05.
Nifty 50 formed a long bear candle on the daily chart that placed it at the edge of the downside breakout of the crucial support of the uptrend line at 21,600 levels.
“The weakness in the benchmark Nifty was accompanied by a deep cut in the broader market indices like midcap and small-cap segments on Monday. This is not a good sign. The short-term trend of Nifty is negative. The benchmark and broader market indices are now placed to show further weakness in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
According to Shetti, the next lower support for the Nifty is at 21,200 – 21,150 levels for this week.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty OI Data
The Nifty call side revealed the highest Open Interest (OI) at 21,800, followed by 22,000 strike prices. On the put side, the maximum OI was observed at the 21,500 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.
Also Read: Day trading guide for stock market today: Six stocks to buy or sell on Tuesday — 13th February
Nifty 50 Prediction
Nifty slipped into weakness and ended the day lower by 166 points on February 12.
“Nifty declined further after a consolidation breakdown on the hourly chart, indicating an increase in pessimism. The daily chart shows the index forming a lower top, signaling diminishing bullish sentiment. The momentum indicator aligns with this bearish outlook, displaying a crossover,” said Rupak De, Senior Technical Analyst, LKP Securities.
He believes the Nifty might remain on ‘sell on rise’ as long as it remains below 21,850. On the downside, support is situated at 21,500.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 13
Bank Nifty Prediction
On February 12, the Bank Nifty index plunged 752 points to end at 44,882 and formed a long bearish candlestick pattern on the daily charts.
“The Bank Nifty index experienced continued dominance by bears, with clear rejection observed at higher levels. Closing below the near-term support zone of 45,000 signaled bearish sentiment. The index faces immediate resistance at 45,100, and a breakthrough could trigger short-covering moves towards 45,500 levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Conversely, according to Shah, the immediate support is at 44,800, and breaching this level may intensify selling pressure towards the 44,000 mark.
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: 13 Feb 2024, 07:49 AM IST
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