BackNifty 50, Sensex today: What to expect from stock market indices in trade on November 17
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,800 level as compared to the Nifty futures’ previous close of 19,835.
PremiumThe Indian stock market indices, Sensex and Nifty 50, are likely to open flat-to-lower on Friday tracking weak global cues.
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,800 level as compared to the Nifty futures’ previous close of 19,835.
On Thursday, the domestic indices gained for the second consecutive session, but ended off highs with the Nifty 50 facing resistance at an intraday high level of 19,875.
The Sensex surged by 306.55 points to close at 65,982.48, while the Nifty 50 ended 89.75 points, or 0.46%, higher at 19,765.20 on November 16, the weekly expiry day.
Nifty 50 formed a long positive candle on the daily chart with a long upper shadow.
“Technically, this pattern indicates an emergence of selling pressure from the crucial hurdle of 19,850 levels. Positive chart patterns like higher tops and bottoms are intact on the daily chart," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Having reacted down from the key resistance on Thursday, he believes there is a possibility of some more consolidation or minor weakness for the market in coming sessions.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty Open Interest Data
On the call side, the highest Open Interest (OI) was observed at 19,900 followed by 20,000 strike prices. On the put side, the highest OI is at 19,700 strike price, noted Deven Mehata, Research Analyst at Choice Broking.
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Nifty 50
The Nifty 50 index encountered resistance near 19,850, the consolidation high, on the daily chart, resulting in a sharp intraday decline.
“However, the index displayed strength by closing above the previous session’s high. In the short term, the market outlook suggests a ‘buy on dips’ strategy as long as the index maintains levels above 19,500," said Rupak De, Senior Technical Analyst at LKP Securities.
He believes a breakthrough above 19,850 could propel the Nifty 50 towards the 20,000 mark.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 17
Bank Nifty
The Bank Nifty index underperformed the frontline indices and ended 40 points lower at 44,162 on November 16.
“The Bank Nifty index encountered resistance at 44,500, where notable selling pressure emerged in the last half-hour of trading. The index continues to adopt a ‘buy on dip’ strategy, with a support level at 43,700, aligning with its 20-day moving average (20 DMA)." said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
According to Shah, a close above 44,500 is anticipated to trigger additional short-covering, potentially propelling the index towards the 45,000 mark.
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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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