Nifty 50, Sensex today: What to expect from Indian stock market in trade on September 11

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

The trends on Gift Nifty also indicate a flat-to-negative start for the Indian benchmark index. The Gift Nifty was trading around 25,089 level, a discount of nearly 10 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market indices ended higher, with the benchmark Nifty 50 closing above the 25,000 level.

The Sensex gained 361.75 points, or 0.44%, to close at 81,921.29, while the Nifty 50 settled 104.70 points, or 0.42%, higher at 25,041.10.

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

“Technically, this pattern indicates a formation of a doji type candle pattern, which is not a classical one. Normally, such a doji pattern at the hurdle indicates caution for bulls. The short-term trend of Nifty 50 seems to have reversed up and the index is currently placed at the crucial resistance of 25,200 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, a decisive move above this hurdle could only open further upside towards the new all-time highs.

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

Nifty 50 Prediction

Nifty 50 continued with follow through upmove on September 10 amidst volatility and closed the day higher by 104 points above the 25,000-mark.

“Nifty remained volatile throughout the day, unable to sustain levels above 25,100. The RSI remained in a bearish crossover on the daily timeframe, indicating continued weakness. Sentiment is expected to stay weak in the near term unless Nifty manages a close above 25,100,” said Rupak De, Senior Technical Analyst at LKP Securities.

On the lower side, he believes support is seen at 24,900 and if breached, the index may decline further towards 24,750.

Aditya Agarwal, Head of Derivatives and Technical at Sanctum Wealth is of the view that the Nifty 50 index will continue to find stiff resistance around 25,100 - 25,150 and can see profit booking from those levels. On the lower side, he believes dip towards 24,940 - 24,880 can be used as a buying opportunity.

According to VLA Ambala, Co-Founder of Stock Market Today, the Nifty index could expect support levels around 25,010 and 24,920, whereas resistance could be between 25,165 and 25,205 in today’s session.

Bank Nifty Prediction

Bank Nifty index closed 154.50 points, or 0.3%, higher at 51,272.30 on Tuesday, holding above a piercing line candle on the daily chart.

“On the higher side, Bank Nifty will continue to find strong resistance around 51,500 / 51,700 levels and can see profit booking around those levels. Only a close above 51,800 will change short term outlook in the index and in that scenario, it can move towards 52,280 / 52,460 levels,” Agarwal said.

On the lower side, he believes 51,000 - 50,700 will act as a support zone for the Bank Nifty index.

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.