Nifty 50, Sensex on January 11: What to expect in trade today
The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 21,716 level as compared to the Nifty futures’ previous close of 21,723.
Catch Live Market Updates here
On Wednesday, the domestic equity benchmark indices ended higher with the Nifty 50 taking the support near 20-day SMA (Simple Moving Average) and bouncing back sharply.
The Sensex rallied 271.50 points to close at 71,657.71, while the Nifty 50 settled 73.85 points, or 0.34%, higher at 21,618.70.
Nifty 50 formed a reasonable positive candle on the daily chart with lower shadow. Technically, this pattern indicates false downside breakout of the immediate support of 21,500 levels by an emergence of renewed buying from the lows.
“After closing below the immediate support of 10-day EMA at 21,550 in the last couple of sessions, Nifty failed to show any sharp follow-through weakness/decisive downside breakout and has bounced back smartly from the lower levels. This is a positive indication,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes the short-term trend of Nifty seems to have reversed up after a minor decline of the last two sessions. The Nifty is now expected to retest the upper trajectory around 21,750-21,850 levels in the next few sessions.
(Exciting news! Mint is now on WhatsApp Channels 
Here’s what to expect from Nifty and Bank Nifty today:
Nifty 50 Predictions
The Nifty 50 index bounced back strongly from its important support at 21,500, on January 10, indicating that the bulls are quite active at this level.
“The Nifty closed at 21,623, near its resistance. If it manages to close above 21,700-21,750 levels, we might see the Nifty reaching 22,000. For those looking to buy Nifty, the recommended range is between 21,550-21,600. Set a stop loss at 21,480 and aim for a target of 21,750,” said
Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 11
Bank Nifty Predictions
The Bank Nifty index rebounded from day’s low and closed 118 points higher at 47,361 on January 10.
“The Bank Nifty index experienced a volatile trading session on the day of weekly expiry, but the bulls successfully defended the crucial support level of 47,000. Despite this, the overall market sentiment remains in “sell on rise” mode. The immediate hurdle for the index is at 47,500, where the highest open interest is concentrated on the call side,” Shah said.
To initiate a short-covering move and potentially target the 48,000 mark, the index needs to convincingly surpass the level of 47,500 on a closing basis, he 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.
Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it’s all here, just a click away! Login Now!
Download The Mint News App to get Daily Market Updates.
Published: 11 Jan 2024, 07:48 AM IST
