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

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Monday tracking weakness in Asian markets.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 24,130 level, a discount of nearly 90 points from the Nifty futures’ previous close.

On Friday, the domestic benchmark equity indices ended lower, with the Nifty 50 slipping below 24,200.

The Sensex fell 55.47 points to close at 79,486.32, while the Nifty 50 settled 51.15 points, or 0.21%, lower at 24,148.20.

Nifty 50 formed a small negative candle on the daily chart with minor lower shadow suggesting some more consolidation.

“Nifty on the weekly chart formed a small negative candle with long upper and lower shadow signalling formation of high wave type candle pattern which reflects ongoing volatility in the market. The short-term trend of Nifty continues to be choppy, and this consolidation is likely to continue in the near term with a weak bias,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

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

Nifty 50 Prediction

Nifty 50 witnessed moderate losses amid volatility on November 8 and ended the session of 51.15 points lower at 24,148.20.

“Overall structure remains weak for Nifty 50 and sell on rallies strategy should be used till index is trading below 24,500 levels. On the lower side, Nifty 50 will find support around 24,000 and below that can retest 23,800 in the short term,” said Aditya Agarwal, Head of Derivatives & Technical Analysis at Sanctum Wealth.

According to Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, on the daily charts, we can observe that the Nifty 50 is in the process of retracing the rise it witnessed from 23,800 to 24,500.

“Currently it is trading around the 61.82% Fibonacci retracement level (24,090) which is likely to provide support and holding which can lead to resumption of upmove. A break below 23,970 is likely to weaken the structure,” Gedia said.

VLA Ambala, Co-Founder, Stock Market Today noted that Nifty 50 is trading below its 20 and 50-day Exponential Moving Averages (EMA).

“Hereon, a ‘sell on rise’ strategy could be more suitable. Also, market participants should track the 23,760 and 23,520 levels for support and expect resistance at 25,180 and 25,210,” Ambala said.

Bank Nifty Prediction

Bank Nifty index closed 355.30 points, or 0.68%, lower at 51,561.20 on Friday and formed a bearish candlestick pattern on the daily charts.

“Bank Nifty is stuck in a broad range of 50,800 - 52,500 and only a break of this range will further set the direction for the index. From a short term perspective 51,200 - 51,000 will be immediate support for the index and from those levels pullback is expected that can drive the prices towards its resistance zone of 51,800 - 52,200 levels,” said Aditya Agarwal.

Jatin Gedia highlighted that the Bank Nifty index continued to decline for the third consecutive session and closed below key daily moving averages suggesting weakness.

“We expect the range bound price action to continue within 51,000 – 52,500 from a short term perspective. Divergence among the daily and hourly moving averages can lead to a range bound price action and volatility from a short-term perspective,” said Gedia.

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.