Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 20 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Thursday, tracking weakness in Asian markets amid cautious sentiment.

The trends on Gift Nifty also indicate a weak negative for the Indian benchmark index. The Gift Nifty was trading around 22,900 level, a discount of nearly 64 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity market indices ended marginally lower, with the benchmark Nifty 50 holding above 22,900 level.

The Sensex fell 28.21 points to close at 75,939.18, while the Nifty 50 settled 12.40 points, or 0.05%, lower at 22,932.90.

Market breadth was positive for the first time in nine sessions, with an advance-decline ratio of 2.44 on the BSE – the highest since January 29, 2025.

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

Nifty OI Data

Nifty Open Interest (OI) data suggests strong support at 22,800 and 22,500, with the highest Put OI concentration at these levels. On the upside, 23,100 and 23,500 hold the highest Call OI, indicating stiff resistance. A decisive breakout above 23,100 could lead to short covering and fresh buying, pushing the index towards higher levels, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 ended with a minor loss of 12.40 points at 22,932.90 amid volatility on February 19.

“It was yet another session, where Nifty 50 managed to protect the support of 22,800. Nifty 50 is still below all important moving averages and for getting the first sign of reversal, it needs to surpass 5 days EMA (Exponential Moving Average), placed near 23,000. Above 23,000, Nifty 50 could extend the pullback towards 23,235. On the downside any level below 22,725 could resume the down trend,” said Vinay Rajani, Senior Technical & Derivative Analyst, HDFC Securities.

Om Mehra, Technical Analyst, SAMCO Securities noted that the Nifty 50 index breached the high of the past two sessions, reaching an intraday peak of 23,049.95, which indicates that momentum is gradually shifting to the upside.

“The 9 EMA, positioned near 23,150, remains a key hurdle, and a decisive close above this level could strengthen the positive outlook. The momentum indicator ADX is rebounding from lower levels, hinting at a potential resurgence in trend has strength. Market breadth shows signs of improvement, while India VIX has eased below 16, indicating a decline in volatility. After an extended phase of selling pressure, a mean reversion appears likely. The support is placed at 22,780, while resistance levels stand at 23,150 and 23,250,” said Mehra.

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VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 formed a High Wave Doji candlestick pattern with the index’s RSI readings at 39 on the daily chart and 41 on the weekly chart in the last session.

“On the other hand, India VIX’s momentum suggests that market volatility could increase in the upcoming market sessions. From the technical perspective, Nifty 50 can find support between 22,705 and 22,620, while resistance can be found near 23,080 and 23,170,” Ambala said.

Bank Nifty Prediction

Bank Nifty ended with a strong gain of 482.80 points, or 0.98%, at 49,570.10 on Wednesday, forming a bullish engulfing pattern on the daily chart, indicating a strengthening positive outlook.

“Bank Nifty index is hovering near the 20 EMA, while the 50 EMA stands around 50,000. A decisive move above this level could ignite further bullish momentum. The daily RSI has recovered and now holds around the 50 mark, indicating the strength is improving, while the MACD is on the verge of a positive crossover, reinforcing the potential for sustained upside,” said Om Mehra.

According to him, the immediate support for Bank Nifty is placed at 49,000, while resistance is seen at 50,100, followed by 50,550.

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.