Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 19

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,153 level as compared to the Nifty futures’ previous close of 22,090.

On Friday, bulls continued to dominate, resulting in the fourth consecutive day of gains for equity benchmarks, with the Nifty closing above 22,000 level.

The Sensex surged 376.26 points to end at 72,426.64, while the Nifty 50 settled 129.95 points, or 0.59%, higher at 22,040.70.

Nifty 50 formed a small positive candle on the daily chart with gap up opening and with minor upper and lower shadows. 

“Technically, this pattern indicates a formation of spinning top type candle pattern at the highs, which are normally associated with top reversals. But, having formed this pattern after a minor up move and a formation within a broader high low range movement, the predictive value of this pattern could be less,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Though, Nifty placed near the crucial overhead resistance of 22,125 levels, still there is no indication of any significant reversal pattern building at the highs. There is a possibility of some more upside towards the new all-time high of around 22,150 levels before showing any selling pressure from the new highs, he added.

Also Read: Indian stock market: 7 key things that changed for market over weekend – Gift Nifty to rise in US producer price index

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

Nifty 50 Prediction

The benchmark Nifty 50 closed with over half a percent gains reclaiming 22,000 level on February 16.

“A surge in buying interest for large-cap stocks propelled the Nifty back above the recent consolidation level, leading to the highest ever closing on the weekly timeframe. The Nifty has consistently closed above the 21-EMA (Exponential Moving Average) for the last few days, indicating a positive trend. The momentum indicator RSI has experienced a bullish crossover following a base formation,” said Rupak De, Senior Technical Analyst, LKP Securities.

In the short term, he believes, the index might move towards 22,200; furthermore, a move above 22,200 could potentially take the Nifty towards 22,600. Support on the lower end is placed at 22,750.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 19

Bank Nifty Prediction

The Bank Nifty index remained above the 46,000 mark on Friday and closed with 166 points gains at 46,385.

“The bulls maintained their dominance, leading to positive momentum throughout the day. Despite facing minor rejections at the immediate hurdle of 46,700, the overall undertone remains bullish. Any dips are seen as buying opportunities, especially with strong support identified in the 46,000-45,800 zone,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

The index, once it surpasses the hurdle of 46,700 on a closing basis, is anticipated to open up further room for an upward move towards the 48,000 mark, according to Shah.

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: 19 Feb 2024, 07:29 AM IST