As the global market trend remains positive, the Indian stock market is poised for a promising start today, with Nifty 50 and Sensex expected to open with gains. Gift Nifty also indicates a robust beginning, trading around 22,081 compared to Nifty futures’ previous close of 22,015.
In the previous session, both Nifty 50 and Sensex continued their upward trajectory, closing near intraday highs. The Sensex recorded a gain of 227.55 points, closing at 72,050.38, while Nifty 50 ended 70.70 points, or 0.32%, higher at 21,910.75.
Technical analysis by Nagaraj Shetti from HDFC Securities highlights the formation of a doji-type candle pattern, suggesting potential trend reversals. Nifty is on the verge of breaking above the minor downtrend line resistance at 21,900 – 21,950 levels. A decisive breach could open doors for new all-time highs around 22,150 levels.
What to Expect
Nifty 50 Prediction:
Following a range-bound up move on February 15, Nifty 50 closed above the resistance level of 21,850, experiencing a consolidation breakout. Rupak De, Senior Technical Analyst at LKP Securities, points out positive shifts in sentiment, closing above the 20-day moving average for the third consecutive session. The index may potentially move towards 22,200 in the short term, with support at 21,750.
Bank Nifty Prediction:
Bank Nifty exhibited strength on February 15, rallying 311 points to close at 46,219, its highest since January 16. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, emphasises the bulls’ dominance, with immediate resistance at 46,600 – 46,800. A successful breach could lead to further upside towards the 48,000 mark, while the lower-end support is now at 45,800, crucial for the bulls in the current scenario.
As traders brace for the day’s trading session, all eyes are on these indices, anticipating positive momentum and potential new highs in the Indian stock market.
