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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from stock market indices in trade on November 22
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Nifty 50, Sensex today: What to expect from stock market indices in trade on November 22

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 19,862 level as compared to the Nifty futures’ previous close of 19,840.

Nifty 50 formed a small positive candle on the daily chart with upper shadow and with gap up opening. Premium
Nifty 50 formed a small positive candle on the daily chart with upper shadow and with gap up opening.

The Indian stock market indices, Sensex and Nifty 50, are expected to open on a cautious note Wednesday tracking mixed global cues.

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The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 19,862 level as compared to the Nifty futures’ previous close of 19,840.

The domestic equity indices ended with decent gains on Tuesday, snapping a two-day losing streak.

The Sensex closed 275.62 points higher at 65,930.77, while the Nifty 50 gained 89.40 points, or 0.45%, to settle at 19,783.40.

Nifty 50 formed a small positive candle on the daily chart with upper shadow and with gap up opening. The opening upside gap remains unfilled. 

Also Read: 5 things that changed for the stock market overnight - Gift Nifty to US Fed meeting minutes

“The formation of frequent upper shadows on the daily candles near 19,850-19,875 levels indicates presence of strong overhead resistance. At the same time, Nifty is not showing any significant reversal pattern at the highs or not showing any sharp weakness from near the hurdle. This is a positive indication," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty 50 continues to be range bound. 

“The present consolidation pattern could eventually result in a decisive upside breakout of the hurdle at 19,900 levels from here or from slightly lower levels. The anticipated upside breakout could pull Nifty towards the new all-time highs," Shetti said.

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

Nifty OI Data

Analyzing the Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking said that the call side exhibited the highest OI at 19,900, followed by 20,000 strike prices. 

On the put side, the highest OI was observed at the 19,700 strike price.

Nifty 50 

“The Nifty concluded with a gain after a positive trading session, maintaining a consistently positive sentiment as it consistently closed above the critical support level of 19,500. Traders are advised to consider buying during dips as long as the Nifty remains above 19,500. However, a drop below 19,500 could potentially initiate panic among traders," said Rupak De, Senior Technical analyst at LKP Securities.

He believes a rise above 19,850 might spark a rally towards 20,000 and beyond.

Also Read: Day trading guide for today: Five buy or sell stocks for Wednesday—November 22

Bank Nifty

The Bank Nifty index closed the rangebound session 104 points higher at 43,689 on November 21.

“The Bank Nifty index persisted in a sideways momentum, characterized by lower volumes, and remains in close proximity to its 20-day moving average (20DMA). Immediate resistance on the upside is situated at 44,000, marked by higher call writing, and a breakthrough above this level is expected to initiate short-covering moves," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

On the downside, Shah said the support is established at 43,300, and a breach below this level may pave the way for a decline towards 42,800.

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: 22 Nov 2023, 08:15 AM IST
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