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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 17
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 17

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 21,40 level as compared to the Nifty futures’ previous close of 22,025.

Nifty 50 formed a small negative candle on the daily chart with minor upper and lower shadow.Premium
Nifty 50 formed a small negative candle on the daily chart with minor upper and lower shadow.

The Indian stock market indices, Sensex and Nifty 50, are expected to open lower on Wednesday amid weak global cues.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 21,40 level as compared to the Nifty futures’ previous close of 22,025.

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On Tuesday, the frontline indices ended lower, snapping their five-day winning streak amid negative global cues.

The Sensex declined 199.17 points to close at 73,128.77, while the Nifty 50 settled 65.15 points, or 0.29%, lower at 22,032.30.

Nifty 50 formed a small negative candle on the daily chart with minor upper and lower shadow.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty to spike in US dollar, Treasury yields

“Technically, this pattern indicates a formation of high wave type candle pattern. Such formations beside the long bull candle of Monday signal consolidation movement in the market, after the recent sharp upside breakout," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Though, Nifty took a breather on Tuesday, still there is no indication of any significant reversal pattern unfolding at the highs. The present consolidation is not expected to impact the near-term uptrend status of the market and the upside momentum is likely to resume from the lower supports in the short term, Shetti added.

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

Nifty Open Interest Data

Coming to the OI Data, Deven Mehata, Research Analyst at Choice Broking noted that on the call side, the highest OI was observed at 22,100 followed by 22,200 strike prices while on the put side, the highest OI was at 22,000 strike price.

Also Read: Day trading guide for today: Six stocks to buy or sell on Wednesday —January 17

Nifty 50 Predictions

The Nifty 50 hit a fresh all time high at 22,124 and witnessed minor profit booking to end lower on Tuesday, snapping a five-day gaining streak. 

“The Nifty index experienced a day of mixed market dynamics, with bulls dominating the first half and bears taking control in the second half. For a sustained upward movement towards 22,300 levels, the index needs to decisively break above the 22,150 mark," said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

According to Shah, on the downside, the immediate support is located at 21,950, and a clear break below this level could trigger further corrections towards the 21800 mark.

Also Read: Buy or sell: Vaishali Parekh recommends buying these three stocks today - January 17

Bank Nifty Predictions

The Bank Nifty index closed 33 points lower at 48,125 on January 16.

“The Bank Nifty index displayed a doji candle, signaling a struggle between bulls and bears in the current market scenario. To witness a continuation of the rally towards 49,000/50,000, the index must sustain above the crucial level of 48,300. Conversely, the immediate lower-end support lies in the 47,800-47,700 zone, and a conclusive break below this level could pave the way for further downside movements," 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: 17 Jan 2024, 07:43 AM IST
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