Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 11 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a cautious opening despite positive global market cues.

The trends on Gift Nifty indicate a flat-to-positive start for the Indian benchmark index. The Gift Nifty was trading around 23,480 level, a premium of nearly 20 points from the Nifty futures’ previous close.

On Monday, the domestic equity market ended lower, extending losses for the fourth consecutive session, with the Nifty 50 slipping below 23,400 level.

The Sensex dropped 548.39 points, or 0.70%, to close at 77,311.80, while the Nifty 50 settled 178.35 points, or 0.76%, lower at 23,381.60.

Nifty 50 index formed a strong bearish candle for the fourth consecutive day, indicating that it is struggling to sustain higher levels.

This pattern suggests a pause in the ongoing breakout, requiring confirmation for a sustainable move, analysts said.

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

Sensex Outlook

Indian stock market indices continued to experience profit booking at higher levels, with the Sensex closing lower by 548 points on Monday.

“Technically, after a muted opening, Sensex slipped below 77,600, and following this breakdown, selling pressure intensified. Additionally, a bearish candle was formed on the daily charts, indicating further weakness from the current levels. We believe that the current market texture is weak, but a fresh sell-off is only possible if the 20-day SMA (Simple Moving Average) or 77,000 is dismissed,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

According to him, below this level, Sensex could retest the range of 76,700 – 76,500, and on the other hand, 77,600 would be the key resistance zone for the bulls. Above this level, the pullback could extend up to 77,800.

Nifty OI Data

Nifty Open Interest (OI) data indicates the highest OI on the call side at the 23,500 and 23,600 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 23,300 strike price, marking these as key support levels, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 continued the downside momentum for the fourth consecutive session on February 10 and closed the day lower by 178 points.

“A long bear candle was formed on the daily chart that has started to move below the crucial cluster supports of around 23,400 levels (10/20-day EMA and support as per change in polarity). This is not a good sign. A slide below the next support of 23,220, the bullish chart pattern like higher tops and bottoms could get nullified and that could have more negative impact on the market,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

He believes the underlying trend of Nifty 50 remains negative, and having moved below the crucial support of 23,400, one may expect the market to slide down to 23,200 and lower in the short term. Immediate resistance is placed at 23,500 levels.

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Dr. Praveen Dwarakanath, Vice President of Hedged.in, highlighted that the Nifty 50 fell sharply towards its 20-day moving average at the 23,300 level and bounced during the day, however, the closing was in red, indicating weakness in the index.

“Nifty 50 index is at a support at 23,300 level, a possible dead cat bounce can be expected from the current levels. The ADX DI- line has crossed above the ADX DI+ line, indicating weakness in the index. The momentum indicators on the daily chart point towards the downside from the current level,” said Dwarakanath.

Options writer’s data for the weekly expiry showed increased writing of calls at the 23,400 and above levels, indicating weakness in the index, he added.

VLA Ambala, Co-Founder of Stock Market Today, said that the Nifty 50 formed a “Bearish Marubozu” candlestick pattern during the last session, reflecting the broader market’s bearish sentiment.

“According to analysis, Nifty 50 can expect support near 23,200 and 23,050 and notice resistance around 23,410 and 23,480 in the next session,” Ambala said.

Bank Nifty Prediction

Bank Nifty index fell 177.85 points, or 0.35%, to close at 49,981.00 on Monday, forming a doji candle, indicating indecisiveness in the index.

“Bank Nifty index has immediate support at the 49,800 level, a break of which can push the index towards the 20-day moving average at the 49,200 level. The momentum indicators are inching towards the over-bought region, a possible reason for a fall in the coming days. Options writer’s data for the monthly expiry showed increased writing of the calls above the 50,000 levels, indicating resistance for the index,” said Dr. Praveen Dwarakanath.

Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities, noted that the Bank Nifty index continues to trade within a tight consolidation phase, currently hovering just above the breakout level of the Double Bottom pattern.

“With the Bank Nifty index struggling below its 50- & 200-day EMAs, upward momentum remains capped, while sustained selling pressure at higher levels further dampens bullish sentiment. The index faces stiff resistance at 50,500 – 50,600, where fresh call writing has intensified. Meanwhile, 49,900 – 49,650 remains a crucial support zone, actively defended by aggressive put writers. Unless the index decisively breaks out of this congestion zone, a range-bound trading strategy is expected to dominate,” said Dhameja.

A clear breakout in either direction will determine the index’s trajectory for the coming sessions, 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 making any investment decisions.