Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 6 after Delhi exit poll results | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday amid upbeat global market cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,810 level, a premium of nearly 35 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity market ended lower, with the Nifty 50 closing tad below the 23,700 level.

The Sensex declined 312.53 points, or 0.40%, to close at 78,271.28, while the Nifty 50 settled 42.95 points, or 0.18%, lower at 23,696.30.

Nifty 50 formed a bearish candle on the daily chart, with the price closing above the 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs), indicating a neutral to positive bias.

“Technically, after a positive opening, the market registered intraday selling pressure at higher levels. However, the short-term texture of the market is still on the positive side. A small bearish candle formation on the daily charts and lackluster intraday activity indicate the continuation of non-directional momentum in the near future,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

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

Sensex Prediction

Sensex ended down by 313 points at 78,271.28 on Wednesday.

Shrikant Chouhan is of the view that the current market texture is non-directional; hence, levels-based trading would be the ideal strategy for day traders.

“On the downside, 78,000 and 77,700 would be the key support zones for Sensex, while 78,700 – 78,900 could act as crucial resistance areas for traders. However, below 77,700 traders may prefer to exit their long positions,” Chouhan said.

Nifty OI Data

Nifty Open Interest (OI) data for the monthly expiry suggests strong support at 23,500, followed by 23,300, with the highest Put OI concentrated at these levels. On the upside, the highest Call OI is at 24,000, suggesting significant resistance at this level. A decisive breakout above 24,000 could trigger short covering and fresh long positions, potentially driving the index towards higher levels, said Mandar Bhojane, Research Analyst at Choice Broking.

In conclusion, despite the bearish candle formation, the presence of key support near 23,500 and positive sentiment in the broader market could provide opportunities for short-term gains, particularly if Nifty 50 manages to break through resistance levels, he added.

Nifty 50 Prediction

Nifty 50 consolidated on February 5 and closed the day lower by 42 points with range bound action.

“A small red candle was formed on the daily chart, which is signaling a breather type pattern after a sharp upside breakout of previous session. Nifty 50 is currently placed at the hurdle of down-sloping trend line-connected from the swing highs of September and December 24 around 23,800 levels. The underlying trend of Nifty 50 remains positive. The bullish higher tops and bottoms pattern has started to form on the daily chart. Hence, any dip from here could be a buying opportunity,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

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According to him, a decisive move above 23,800 could open next upside towards 24,100 – 24,200 levels, while immediate support is placed at 23,500 levels.

Om Mehra, Technical Analyst, SAMCO Securities, highlighted that the Nifty 50 remains above the 9 DMA and 20 DMA, signaling underlying strength in the broader trend.

“The India VIX stands at 14.18, indicating reduced volatility and raising the prospects of a potential rebound in the coming sessions. The hourly chart retains a bullish structure, suggesting a pullback toward the 23,600 – 23,620 zone could present an attractive short-term buying opportunity. Support is positioned at 23,550, providing a firm base in the short term. The overall outlook for Nifty 50 remains positive, with the possibility of some consolidation,” Mehra said.

According to Dr. Praveen Dwarakanath, Vice President of Hedged.in, the momentum indicators on the hourly chart are near the overbought region, indicating a possible sell-off from the current level in the index.

“Nifty 50 index closed below the Bollinger band on the daily chart, a further closing above the Bollinger band can only show strength in the index. Immediate support for the index is at the 23,250 level. Options writer’s data for the weekly expiry showed increased writing of calls at the 23,700 and above levels, indicating resistance in the index at the current level,” said Dwarakanath.

VLA Ambala, Co-Founder of Stock Market Today suggested that the benchmark Nifty 50 closed above its 200- and 50-day EMAs, indicating potential buying opportunities for short- and mid-term traders.

“Nifty 50 can expect support levels between 23,680 and 23,630 and find resistance near 23,890 and 23,950 in today’s intraday session,” Ambala said.

Bank Nifty Prediction

Bank Nifty concluded the session at 50,343.05, registering a gain of 0.37% on Wednesday, forming a small bearish candle on the daily timeframe.

“Bank Nifty closed above the upper part of the Bollinger band with a doji candle, indicating indecisiveness in the index. The Bank Nifty index took support from the upper part of the Bollinger band, however, didn’t move up much during the day, indicating weakness in the rally. The ADX DI+ line continues to be above the ADX DI- line, indicating strength in the index,” said Dr. Praveen Dwarakanath.

Options writer’s data for the monthly expiry showed increased writing of the calls and puts at the 50,500 levels, indicating rangebound move in the index, he added.

Om Mehra mentioned that the Bank Nifty index formed a runaway bearish candle, indicating caution and a potential short-term pullback.

“Despite this, its position above the 9 DMA and 20 DMA reflects underlying resilience in the medium term. The support is placed around 49,700 – 49,800, while any pullback towards 50,000 could present a buying opportunity. The resistance remains near 51,820, aligning with the 50% Fibonacci retracement level,” Mehra said.

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.