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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 21
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Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 21

The trends on Gift Nifty also indicate a strong start for the Indian benchmark index. The Gift Nifty was trading around 22,610 level, a premium of nearly 70 points from the Nifty futures’ previous close.

Nifty 50 formed a small range candle on the daily chart, which indicates an uptrend continuation pattern.Premium
Nifty 50 formed a small range candle on the daily chart, which indicates an uptrend continuation pattern.

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a positive opening on Tuesday amid mixed global market cues.

The trends on Gift Nifty also indicate a strong start for the Indian benchmark index. The Gift Nifty was trading around 22,610 level, a premium of nearly 70 points from the Nifty futures’ previous close.

On Saturday, the domestic equity indices ended the special trading session with minor gains, with the benchmark Nifty 50 closing above the 22,500 level.

The Sensex rose 88.91 points, or 0.12%, to close at 74,005.94, while the Nifty 50 settled 35.90 points, or 0.16%, higher at 22,502.00.

The Indian stock market was shut on Monday on account of the Lok Sabha elections in Mumbai.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nasdaq at record high to oil prices

Nifty 50 formed a small range candle on the daily chart, which indicates an uptrend continuation pattern. 

“Bullish candlestick pattern like Piercing line type pattern was formed on the Nifty weekly chart, which is indicating more upside for the market ahead. Larger range bound pattern of around 22,800 - 21,750 has come into play this week. Having moved up from near the lower range of 21,750 levels in this week," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He expects Nifty 50 to move towards the upper range of 22,800 levels in the next 1-2 weeks.

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

Nifty 50 Prediction

The Nifty 50 continued the upside momentum with range bound action on the special trading session of Saturday, May 18, and closed the day higher by 35 points.

“The Nifty remains within the channel, closing above 22,500 for the first time in several days. However, a small bodied candle on the daily chart suggests very little about the future direction of the price. Additionally, heavy writing is visible in both Call and Put at the 22,500 strike, indicating a sense of inflection. Therefore, traders need to be watchful in the initial hour to confirm any directional move," said Rupak De, Senior Technical Analyst, LKP Securities.

According to him, support is visible at 22,400 and on the higher end, a sustained move can take the index towards 22,600 and higher in the short term.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today - May 21

V.L.A. Ambala, Co-founder, Stock Market Today (SMT) believes that Nifty’s technical indicators displayed mixed sentiments. 

“The key levels for the next rally could range between 22,650 and 22,350 levels. In fact, the next rally could take place within the next months and be within a range of 4-7%. Though the market is in overbought conditions, dips are being bought," Ambala said.

According to her, adopting a neutral trading strategy and investing in quality stocks would be beneficial. Nifty could find key support around 22,450 and 22,380, and face resistance between 22.520 and 22,600 in the next session, she added.

Also Read: 13 stocks under F&O ban list on May 21

Bank Nifty Prediction

The Bank Nifty closed the session 84 points higher at 48,199 on Saturday. The index saw decent gains of 1.64% last week.

“Bank Nifty managed to hold its rising support trend line and flirted near its 50 DEMA. It managed to hold support near 47,000 zones and reclaimed its 50 DEMA. It formed a Pin bar pattern on daily scale with long lower shadow as buying is visible at lower zones," said Chandan Taparia, Head – Equity Derivatives and Technicals, Broking and Distribution, MOFSL. 

He believes the index now has to continue to hold above 47,777 zones for a bounce towards 48,250 then 48,500 zones while on the downside support is seen at 47,777 then 47,500 levels.

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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Published: 21 May 2024, 07:17 AM IST
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