Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 12

  • The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 23,307 level, a discount of nearly 5 points from the Nifty futures’ previous close.

Ankit Gohel
First Published12 Jun 2024, 07:33 AM IST
Nifty 50 formed a small negative candle on the daily chart with upper shadow.
Nifty 50 formed a small negative candle on the daily chart with upper shadow. (Photo: AP)

Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a flat note Wednesday following mixed global market cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 23,307 level, a discount of nearly 5 points from the Nifty futures’ previous close.

On Tuesday, the Indian stock market indices ended flat amid weak global cues.

The Sensex eased 33.49 points, or 0.04%, to close at 76,456.59, while the Nifty 50 settled up 5.65 points, or 0.02%, at 23,264.85.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Apple shares to US Fed meet

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

“After a sharp upmove recently, the market showing such formations in the last two sessions indicates possibility of minor downward correction in the short term. Nifty is currently placed at the hurdle of 23,400 - 23,500 levels (1.382% Fibonacci projection), weekly hanging man and the opening downside gap of 4th June, which are weighing high for the market to sustain the new all-time highs,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Hence, he believes there is a possibility of a dip in the market. 

Also Read: Stock market today: Trade setup for Nifty 50 to global markets, five stocks to buy or sell on Wednesday — June 12

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

Nifty OI Data

Regarding the Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking noted that on the call side, the highest OI was observed at the 23,400 and 23,500 strike prices. On the put side, the highest OI was at the 23,000 strike price.

Rahul Ghose, CEO of Hedged.in said that the increased writing in the put OI at 23,300 and below levels indicate the downside is limited for this weekly expiry.

“The highest writing of the put is still at 23,000 strike and writing of the call is at 23,500 for the week indicating range-bound movement in the index. The PCR opened at 0.80 and traded at 0.99 during the day, indicating that at higher levels the bears are returning, which is the sign of a market down-turn in coming days. However, this was not reflected in the India Vix as mentioned and hence, one must be cautious in building short positions and must use hedges on both sides,” said Ghose.

Also Read: Stock market today: 6 stocks in F&O ban list on June 12

Nifty 50 Prediction

Nifty 50 continued to show choppy movement at the hurdle of 23,400 levels on June 11 and closed the day on a minor positive note.

“Nifty remained sideways during the day as there was no directional move. The sentiment might remain sideways as well until it breaks out of the 23,150 - 23,350 range. Any decisive breakout on either side might confirm the future direction of the market,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, above 23,350, it might move towards 23,600. Meanwhile, support below 23,150 is placed at 23,000 - 22,900, he added.

Nifty index formed a ‘Shooting Star’ candlestick pattern at the daily timeframe in the last trading session.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 12

“The benchmark was also seen trading in a small range, suggesting a potential shift in the broader market sentiment. The stock market has displayed resilience in recent trading sessions, and from hereon, any dip in the index ranging between 4% and 10% should be treated as a buying opportunity, especially for short-term and mid-term traders,” said V.L.A. Ambala, Co-founder - Stock Market Today (SMT).

Ambala expects Nifty to gain support between 23,200 and 23,040, and face resistance between 23,335 and 23,500 levels. 

Bank Nifty Prediction

The Bank Nifty index declined 75 points to close Tuesday's session at 49,706 and formed a bearish candle with a small body.

“The Bank Nifty Index experienced a sideways trading session and was unable to surpass the 50,000 mark, where the highest open interest is built up on the call side. Once the index breaks above 50,000, it is likely to see sharp short covering towards the 50,500 / 51,000 levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, the undertone remains bullish, and traders should adopt a buy-on-dip approach with support at 49,000, where the highest open interest is built up on the put side.

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.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:12 Jun 2024, 07:33 AM IST
HomeMarketsStock MarketsNifty 50, Sensex today: What to expect from Indian stock market in trade on June 12

Most Active Stocks

Adani Power

725.35
03:50 PM | 9 JUL 2024
27.4 (3.93%)

Indian Oil Corporation

171.70
03:52 PM | 9 JUL 2024
1.55 (0.91%)

Bharat Electronics

334.55
03:57 PM | 9 JUL 2024
0.4 (0.12%)

Tata Steel

171.80
03:58 PM | 9 JUL 2024
-0.5 (-0.29%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Gland Pharma

2,027.50
03:44 PM | 9 JUL 2024
142.65 (7.57%)

KRBL

331.20
03:55 PM | 9 JUL 2024
22.4 (7.25%)

Phoenix Mills

3,994.20
03:29 PM | 9 JUL 2024
256.6 (6.87%)

Maruti Suzuki India

12,820.20
03:55 PM | 9 JUL 2024
794.2 (6.6%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    73,983.00-110.00
    Chennai
    74,128.00-691.00
    Delhi
    74,346.00-473.00
    Kolkata
    75,074.00400.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.75/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts