Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 15

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 21,989 level as compared to the Nifty futures’ previous close of 21,925.

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On Wednesday, the domestic equity benchmark indices ended on a positive note in a highly volatile market with the Nifty 50 closing above 21,800 level.

The Sensex gained 267.64 points to close at 71,822.83, while the Nifty 50 ended 96.80 points, or 0.45%, higher at 21,840.05.

Nifty formed a long bull candle on the daily chart that has engulfed the small bull candles of previous few sessions. 

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“This pattern could be considered as a bullish engulfing pattern, which indicates short term bottom reversal for the Nifty. The immediate support of 21,500 has been held in Wednesday’s volatile session and the short-term uptrend seems to be gaining momentum,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Nifty is currently placed at the edge of breaking above the immediate hurdle of 21,850 levels and a decisive move above this resistance is likely to pull Nifty towards 22,000 – 22,100 levels in the short term, Shetti added.

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

Nifty 50 Prediction 

On February 14, the Nifty 50 index witnessed a sharp intraday upside recovery from the day’s low and ended 97 points higher.

“The Nifty remained highly volatile, displaying predominant bullishness throughout the day following a weak start. However, the sentiment remains sideways to negative as long as Nifty stays below 21,850. A decisive move above 21,850 might trigger a strong rally in the market. Beyond 21,850, the Nifty could potentially move towards 22,200,” said Rupak De, Senior Technical Analyst, LKP Securities.

According to him, support for the near term is positioned at 21,700.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 15

Bank Nifty Prediction

The Bank Nifty index extended gains and jumped 406 points to close at 45,908 on Wednesday, forming a long bullish candlestick pattern on the daily charts.

“The Bank Nifty bulls made a robust comeback, overpowering the bears and successfully defending the crucial support at 45,000. The index is firmly in a buy mode, with immediate support at 45,500 acting as a cushion for the bulls,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

The index is indicating an immediate target of 46,500, and if it sustains above this level, further upside towards the 48,000 mark can be anticipated, 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: 15 Feb 2024, 07:27 AM IST