Nifty 50, Sensex today: What to expect from stock market indices in trade on November 15 | Mint
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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from stock market indices in trade on November 15
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Nifty 50, Sensex today: What to expect from stock market indices in trade on November 15

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 19,743 level as compared to the Nifty futures’ previous close of 19,488.

Nifty 50 formed a small negative candle on the daily chart that filled the opening upside gap of Sunday’s special session. Premium
Nifty 50 formed a small negative candle on the daily chart that filled the opening upside gap of Sunday’s special session.

The Indian stock market indices are likely to open higher on Wednesday tracking a sharp rally in Asian and US markets amid positive global cues.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 19,743 level as compared to the Nifty futures’ previous close of 19,488.

On Monday, the domestic benchmark equity indices ended half a percent lower amid mixed global cues. Indian markets were shut for a holiday on November 14.

The Sensex closed 325.58 points lower at 64,933.87, while the Nifty 50 declined 82.00 points to settle at 19,443.55, on November 13.

Nifty 50 formed a small negative candle on the daily chart that filled the opening upside gap of Sunday’s special session. 

“Nifty is currently placed at the hurdle of the down trend line at 19,550 levels and is consolidating around the resistance," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

He believes the near-term trend of Nifty 50 continues to be positive. 

“Having placed at the crucial overhead resistance around 19550-19600 levels, there is a possibility of some more consolidation or minor weakness in the short term before showing any decisive upside breakout of the resistance," Shetti added.

Also Read: 8 things that changed for the stock market overnight - Gift Nifty, US inflation to MSCI index rejig

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

Open Interest Data

Analyzing Open Interest (OI) data, the call side displayed the highest OI at 19,500, followed by the 19,800 strike prices, said Mandar Bhojane, Research Analyst, Choice Broking.

Conversely, the highest OI on the put side was observed at the 19,400 strike price. This data suggests a potential sideways movement for Nifty, he added.

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Nifty 50

Nifty struggled to maintain levels above 19,500, facing selling pressure that caused the index to retreat towards 19,400. 

“Towards the upper limit, it encountered resistance near an important Fibonacci Retracement level of the previous decline from 19,850 to 18,837, indicating a potential for bearish movement in the short term. Support at the lower end is positioned at 19,300, while resistance is observed at 19,550," said Rupak De, Senior Technical analyst at LKP Securities.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 15

Bank Nifty 

Bank Nifty was unable to maintain levels above the psychological milestone of 44,000 and ended 0.24% lower at 43,891 on Monday.

“Nevertheless, the index managed to close above the crucial moving average. Additionally, the Relative Strength Index (RSI) is exhibiting a bullish crossover. In the short term, it is anticipated that the index will exhibit sideways movement. Support is positioned at 43,500 on the lower end, while resistance is noted at 44,200 on the higher end," said De.

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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: 15 Nov 2023, 08:22 AM IST
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