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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 16
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 16

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 22,096 level as compared to the Nifty futures’ previous close of 22,140.

Nifty 50 formed a reasonable positive candle on the daily chart with gap up opening and with lower shadow. Premium
Nifty 50 formed a reasonable positive candle on the daily chart with gap up opening and with lower shadow.

Indian stock market indices extended their record high run with the benchmark Nifty 50 scaling above 22,000 level after witnessing a decisive upside breakout.

However, weak global market cues may lead to the cautious opening of domestic equity indices on Tuesday.

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The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 22,096 level as compared to the Nifty futures’ previous close of 22,140.

On Monday, the Sensex surged 759.49 points, or 1.05%, to end at 73,327.94, while the Nifty 50 ended 202.90 points, or 0.93%, higher at 22,097.45.

Nifty 50 formed a reasonable positive candle on the daily chart with gap up opening and with lower shadow. Technically, this pattern indicates confirmation of sharp upside breakout of the important hurdle.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, oil prices to trade deficit

“If Monday's opening upside gap remains unfilled at 21,900 levels for the next 2-3 sessions, then that gap could be considered as a bullish runaway gap, which are normally formed in the middle of the sustainable uptrends," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty continues to be positive. The next upside levels to be watched are around 22,200-22,300. 

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

Nifty 50 Predictions

The Nifty bulls maintained their momentum, propelling the index to new highs beyond the 22,000 mark. 

“The major support for the index is situated at the 21,800 level, and a breach below this would be essential to negate the prevailing trend. The next immediate upside targets for the index are positioned at 22,200/22,300 levels. Sustaining above these levels could potentially lead the index towards the 22,500 mark," said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

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Bank Nifty Predictions

The Bank Nifty bulls maintained control as the index successfully surpassed the critical resistance of 48,000 on a closing basis and ended 449 points higher at 48,158 on January 15. 

“Market participants are closely watching the upcoming HDFC Bank results, as a positive outcome could fuel additional upside towards the 50,000 mark. The lower end support for the index is positioned at 47,700, and a breach below this level may dampen the prevailing bullish sentiment," Shah 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 taking any investment decisions.

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Published: 16 Jan 2024, 07:20 AM IST
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