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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 23
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 23

The trends on Gift Nifty also indicate a higher start for the Indian benchmark index. The Gift Nifty was trading around 22,310 level as compared to the Nifty futures’ previous close of 22,270.

Nifty 50 formed a long bull candle on the daily chart with a long lower shadow. Premium
Nifty 50 formed a long bull candle on the daily chart with a long lower shadow.

The Indian stock market indices, Nifty 50 and Sensex, today are expected to open higher following positive global market cues.

The trends on Gift Nifty also indicate a higher start for the Indian benchmark index. The Gift Nifty was trading around 22,310 level as compared to the Nifty futures’ previous close of 22,270.

On Wednesday, the frontline indices witnessed an excellent upside recovery from the intraday lows and closed the day with handsome gains with the Nifty 50 registering a new all-time high at 22,252 levels.

The Sensex climbed 535.15 points to close at 73,158.24, while the Nifty 50 settled at 22,217.45, up by 162.40 points, or 0.74%.

Nifty 50 formed a long bull candle on the daily chart with a long lower shadow. 

“Technically, this pattern indicates a sharp comeback of bulls after two sessions of weakness. The up move has negated the bearish implication of the bearish engulfing pattern of Wednesday. The short-term trend of Nifty has turned up sharply after a small decline," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Having breached the recent highs of 22,249, Shetti expects the Nifty 50 to move towards the next upside target of 22,500 - 22,600 levels in one week.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, RBI minutes to Nvidia stock price jump

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

Nifty OI Data

Upon scrutinizing the Open Interest (OI) data, the call side revealed the highest OI at 22,400, followed by the 22,500 strike prices. On the put side, the maximum OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

The Nifty 50 index rallied 162 points to close above 22,200 level on February 22. It hit a fresh record high during the day, negating the bearish development of the previous session.

“The market remained highly volatile due to the weekly expiry of Nifty options. On the lower end, it found support at the 21-EMA (Exponential Moving Average) before rallying towards higher levels. The momentum indicator has experienced a bullish crossover," said Rupak De, Senior Technical Analyst, LKP Securities. 

According to him, overall sentiment has turned positive once again, with the potential to reach towards 22,400 / 22,600 in the short term. On the lower end, support is placed at 22,100.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 23

Bank Nifty Prediction

The Bank Nifty index underperformed and ended 100 points lower at 46,920 on Thursday.

“The Bank Nifty bulls made a strong comeback, leading to a sharp recovery in the index from lower levels. The formation of a long-legged doji candle on the daily chart is considered bullish, suggesting potential further upside towards the 48,000 mark. The index finds support at 46,500, where aggressive put writing is evident," said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Shah believes the bullish sentiment remains intact unless there is a decisive break below this support level.

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: 23 Feb 2024, 07:21 AM IST
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