Nifty 50, Sensex today News
Indian benchmark indices, Sensex and Nifty 50, are expected to have a positive opening on Wednesday, on the back of recent global convergence. Our GIFT Nifty trends are also indicating that the Indian benchmark list is likely to get a gap-up start. The trading pace of GIFT Nifty was around 22,120 levels from the previous close of 22,000.
Yesterday, domestic equity indices jumped and Nifty 50 is expected to close above 21,900 level with maximum figure. Sensex closed 454.67 points higher at 72,186.09, while Nifty 50 ended 157.70 points or 0.72% higher at 21,929.40. Nifty 50 has formed a long bull candle on the daily chart which has almost swallowed Tuesday’s bearish candle.
Nagaraj Shetty, Senior Technical Research Expert, HDFC Securities, says, “This pattern is showing signs that the bearish candle pattern of the last two sessions (Friday and Monday) may get canceled soon. This is a positive sign. Minor “Positive patterns like higher tops and bottoms are intact and the market is now moving towards a new higher top formation.”
Let us know what we expect from Nifty 50 and Bank Nifty today:
Rupak De, Senior Technical Analyst, LKP Securities, says, “Nifty 50 has formed a hammer candlestick pattern by closing above 158 points on February 6 and with higher frequency, suggesting bullish momentum in the index.
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Nifty appeared to be in a predominantly sideways trend throughout the day, with traders expressing uncertainty about the market direction. Sideways movement is likely until a breakout occurs. A definite upside move above 21,950 has the potential to take Nifty towards 22,200,” says Rupak De, Senior Technical Analyst at LKP Securities. On the contrary, he believes a fall below 21,850 will take Nifty towards 21,700 levels. And can correct it.
Bank Nifty Forecast:
The Bank Nifty list lagged the benchmark lists on February 6 and ended down 135 points at 45,691.
The Bank Nifty index had a slow trading session a day ahead of the weekly close, with a situation oscillating between bulls and bears. The lack of a clear direction indicates that a breakout is awaited to determine the market direction. Support is located at 45,500, while immediate resistance is at 46,000,” says Kunal Shah, Senior Technical and Derivatives Analyst at LKP Securities.
According to Shah, a successful break above 46,000 is likely to boost the list towards 46,500. So friends, wish you all the best for successful trading in today’s market!