Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 13

  • The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 23,460 level, a premium of nearly 100 points from the Nifty futures’ previous close.

Ankit Gohel
First Published13 Jun 2024, 07:24 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. (MINT_PRINT)

Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a strong note Thursday tracking positive global market cues.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 23,460 level, a premium of nearly 100 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity market ended higher, with the benchmark Nifty 50 closing above 23,300 level.

The Sensex gained 149.98 points to close at 76,606.57, while the Nifty 50 settled 58.10 points, or 0.25%, higher at 23,322.95.

Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US Fed policy to inflation data

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

“Technically, this pattern signals a range bound action in the market at the crucial hurdle of around 23,400 - 23,500 levels. Normally, such patterns eventually result in a dip below the range movement. The overhead resistance of key Fibonacci extension, opening upside gap of 4th June, upward sloping resistance line are intact around 23,400 - 23,500 levels. As long as this hurdle is not taken out decisively on the upside, one can't rule out the possibility of a downward correction,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, immediate support is at 23,200 levels and a move below this area is likely to trigger a quick selloff in the market.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 13

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

Nifty OI Data

Analyzing the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 23,500 and 24,000 strike prices. On the put side, the highest OI was at the 23,200 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 index continued to face resistance at the new highs and the choppy movement continued on June 13 and the index closed the day higher by 58 points.

“The Nifty closed flat after a strong initial hour of trading, encountering resistance around 23,400. However, the short-term trend remains positive as the index stayed above 23,300. In the near term, the index might continue consolidating within the 23,300 - 23,500 range,” said Rupak De, Senior Technical Analyst, LKP Securities.

According to him, a decisive breakout above 23,500 could trigger a rally towards 23,800.

Also Read: Fomo buying and key portfolio allocation push Nifty 50 to a new high 

Bank Nifty Prediction

Bank Nifty index traded sideways and ended the Wednesday’s session 190 points higher at 49,895.

“The Bank Nifty Index witnessed a sideways trading session on the day of the weekly expiry and was unable to surpass the 50,000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50,000 mark to gain further momentum towards the 50,500 / 51,000 levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

The lower-end support is placed at 49,400, and a break below this level will accelerate further selling pressure towards the 49,000 mark, Shah added.

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.

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First Published:13 Jun 2024, 07:24 AM IST
HomeMarketsStock MarketsNifty 50, Sensex today: What to expect from Indian stock market in trade on June 13

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