Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 12

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 23,307 level, a discount of nearly 5 points from the Nifty futures’ previous close.

On Tuesday, the Indian stock market indices ended flat amid weak global cues.

The Sensex eased 33.49 points, or 0.04%, to close at 76,456.59, while the Nifty 50 settled up 5.65 points, or 0.02%, at 23,264.85.

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Nifty 50 formed a small negative candle on the daily chart with upper shadow. 

“After a sharp upmove recently, the market showing such formations in the last two sessions indicates possibility of minor downward correction in the short term. Nifty is currently placed at the hurdle of 23,400 – 23,500 levels (1.382% Fibonacci projection), weekly hanging man and the opening downside gap of 4th June, which are weighing high for the market to sustain the new all-time highs,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Hence, he believes there is a possibility of a dip in the market. 

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

Nifty OI Data

Regarding the Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking noted that on the call side, the highest OI was observed at the 23,400 and 23,500 strike prices. On the put side, the highest OI was at the 23,000 strike price.

Rahul Ghose, CEO of Hedged.in said that the increased writing in the put OI at 23,300 and below levels indicate the downside is limited for this weekly expiry.

“The highest writing of the put is still at 23,000 strike and writing of the call is at 23,500 for the week indicating range-bound movement in the index. The PCR opened at 0.80 and traded at 0.99 during the day, indicating that at higher levels the bears are returning, which is the sign of a market down-turn in coming days. However, this was not reflected in the India Vix as mentioned and hence, one must be cautious in building short positions and must use hedges on both sides,” said Ghose.

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Nifty 50 Prediction

Nifty 50 continued to show choppy movement at the hurdle of 23,400 levels on June 11 and closed the day on a minor positive note.

“Nifty remained sideways during the day as there was no directional move. The sentiment might remain sideways as well until it breaks out of the 23,150 – 23,350 range. Any decisive breakout on either side might confirm the future direction of the market,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, above 23,350, it might move towards 23,600. Meanwhile, support below 23,150 is placed at 23,000 – 22,900, he added.

Nifty index formed a ‘Shooting Star’ candlestick pattern at the daily timeframe in the last trading session.

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“The benchmark was also seen trading in a small range, suggesting a potential shift in the broader market sentiment. The stock market has displayed resilience in recent trading sessions, and from hereon, any dip in the index ranging between 4% and 10% should be treated as a buying opportunity, especially for short-term and mid-term traders,” said V.L.A. Ambala, Co-founder – Stock Market Today (SMT).

Ambala expects Nifty to gain support between 23,200 and 23,040, and face resistance between 23,335 and 23,500 levels. 

Bank Nifty Prediction

The Bank Nifty index declined 75 points to close Tuesday’s session at 49,706 and formed a bearish candle with a small body.

“The Bank Nifty Index experienced a sideways trading session and was unable to surpass the 50,000 mark, where the highest open interest is built up on the call side. Once the index breaks above 50,000, it is likely to see sharp short covering towards the 50,500 / 51,000 levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, the undertone remains bullish, and traders should adopt a buy-on-dip approach with support at 49,000, where the highest open interest is built up on the put side.

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 making any investment decisions.

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Published: 12 Jun 2024, 07:33 AM IST