Nifty 50, Sensex today: What to expect from Indian stock market in trade today
The trends around Gift Nifty a flat start for the broader index in India, with a gain of 2 points. The Nifty futures were trading around 22,043 level as compared to previous level at 21,715.
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On Friday last week, the domestic equity market benchmarks the Nifty 50 and the Sensex saw strong gains.
The Sensex hit its fresh all-time high of 72,720.96 during the session before closing the day with a robust gain of 847 points, or 1.18 per cent, at 72,568.45.
The Nifty 50 hit its fresh record high of 21,928.25 during the session and closed at 21,894.55, jumping 247 points, or 1.14 per cent.
Also read: Stocks to Watch: Wipro, HCLTech, Tata Consumer, Lupin
“Rally in the IT sector and a 19% surge in India’s net direct tax collection supported domestic equities to make new highs on Friday. Nifty made a fresh all-time high of 21928 levels during the session and closed with handsome gains of 247 points (+1.1%) at 21894 levels. A sharp 5% up-move was seen in the IT sector after TCS and Infosys surprised the streets with their better-than-expected Q3 results. Nifty is now just 100 points away from crossing another milestone of 22k zone. In the coming week market will take cues from Q3 results, India’s inflation, and US PPI data. HDFC Bank, HUL, Ultratech, ICICI Bank, Asian Paints, and several midcap companies will announce their Q3 results next week. Thus, we might see stock-specific action. US markets will remain closed on Monday,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty50 Predictions
Nifty closed 21,894.55, jumping 247 points, or 1.14 per cent, recording fresh high on Friday.
“The Nifty index exhibited significant strength, securing a notable breakout on the daily chart as it surpassed the key resistance level of 21,800. This bullish move positions the index for potential short-term targets of 22,000 and 22,200. Traders are advised to consider buying opportunities on any dips toward the support level. The momentum indicator RSI has also provided a buy crossover, further confirming the bullish sentiment in the market,” said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.
Bank Nifty Predictions
The Bank Nifty were 0.57 per cent higher on Friday, closed at 47,500.
“The Bank Nifty index displayed strength by overcoming the initial hurdle at 47,500, signaling potential upward movement towards the next resistance level at 48,000. A decisive breach of 48,000 is crucial, as it could trigger substantial short covering, propelling the index towards the 50,000 mark. The lower support is evident at 47,000, a level marked by significant put writing,” Shah 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.
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Published: 15 Jan 2024, 08:25 AM IST
