Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 21

The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 22,265 level as compared to the Nifty futures’ previous close of 22,232.

On February 20, the domestic equity indices settled higher, gains for the sixth consecutive session, with the benchmark Nifty 50 hitting its fresh record high in intraday trade.

The Sensex gained 349.24 points to close at 73,057.40, while the Nifty 50 ended 74.70 points, or 0.34%, higher at 22,196.95.

Also Read: Indian stock market: 8 key things that changed for market overnight – Gift Nifty, fall in US stocks to weak dollar

Nifty 50 formed a long bull candle on the daily chart, signaling an attempt of decisive upside breakout of the crucial overhead resistance around 22,150 – 22,200 levels. 

“Positive chart pattern like higher highs and higher lows continued on the daily chart and the current upmove is in line with the new higher high formation. The short-term trend of Nifty remains up,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

According to Shetti, a decisive move above 22,200 is likely to open a sharp upside towards the upper trajectory of 22,500 – 22,600 levels in the near term.

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

Nifty 50 Prediction

Nifty extended the gains for the sixth consecutive session on February 20 with the index once again touching a fresh record high in the last hour of trade.

“The Nifty continues its upward momentum following a consolidation breakout on the daily chart. The trend remains robust as it has sustained itself both above the psychological level of 22,000 and the 21-EMA (Exponential Moving Average) on the daily timeframe,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, he expects, Nifty may move towards 22,400 / 22,600 once the index decisively surpasses the 22,200 mark. Support on the lower end is identified at 22,000.

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Bank Nifty Prediction

The Bank Nifty index witnessed strong upward momentum on Tuesday and the index surged over 559 points to close at 47,094 level. 

“The Bank Nifty bulls maintained their dominance, closing above the 47,000 level, signaling a strong buy mode. Immediate support is now established at 46,700, marked by fresh put writing. The index is anticipated to reach the short-term target of 48,000, with any dip viewed as a buying opportunity,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

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: 21 Feb 2024, 07:27 AM IST