Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 10

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open lower on Monday tracking weak global market cues.

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 23,561 level, a discount of nearly 54 points from the Nifty futures’ previous close.

On Friday, the domestic equity benchmark ended lower after the Reserve Bank of India (RBI) announced a 25 bps repo rate cut, with the Nifty 50 slipping below 23,600 level.

The Sensex dropped 197.97 points, or 0.25%, to close at 77,860.19, while the Nifty 50 settled 43.40 points, or 0.18%, lower at 23,559.95.

Nifty 50 formed a reasonable negative candle on the daily chart with minor upper and long lower shadow.

“Technically, this pattern is indicating downward correction from the hurdle of 23,800 levels (down trend line resistance). Nifty 50 is currently placed at the support of 23,500 – 23,400 levels as per change in polarity and is in the process of showing a short term bottom reversal pattern from near the supports,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

After the formation of bullish engulfing type weekly candle pattern in last week, Nifty 50 was not able to sustain the intra-week highs this week. A reasonable bull candle was formed with a minor upper shadow, he said.

“The underlying short-term trend of Nifty 50 is weak with high volatility. The market is now placed at the support of 23,500 – 23,400 levels and a sustainable upside bounce from the support could pull Nifty 50 towards 23,800 levels again in the near term. However, any breakdown of the support could negate the bullish bet and likely to bring sharp weakness,” said Shetti.

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

Nifty 50 Prediction

Nifty 50 continued to decline for the third consecutive session on February 7 amidst volatility and closed the day lower by 43 points.

“Nifty 50 remained volatile throughout the week but managed to close positive for the second consecutive week, sustaining above the 23,450 – 23,500 zone, signalling a potential bottom reversal. The index continues to trade decisively above the critical 21-day EMA, reinforcing positive sentiment and indicating further upside momentum. A move toward the 23,800-resistance level appears likely, while a breach below 23,250 could attract selling pressure, dragging the index toward 23,000,” said Puneet Singhania, Director Master Trust Group.

Despite short-term volatility, he believes the trend remains positive, supporting a ‘Buy on Dips’ strategy.

Dr. Praveen Dwarakanath, Vice President of Hedged.in, noted that the Nifty 50 is reacting from the upper part of the Bollinger band, more like a healthy correction after a small rally.

“The Nifty 50 index has support at the 23,400 level, from where it bounced during the day’s fall. The index formed a red doji candle, with a big lower shadow, indicating a possible bounce from the present level. The momentum indicators on the daily point towards an upside from the current level. Options writer’s data for the monthly expiry showed increased writing of puts at the 23,600 and below levels, indicating mild bullishness in the index,” said Dwarakanath.

VLA Ambala, Co-Founder of Stock Market Today, highlighted that the Nifty 50 formed an inverted hammer candlestick pattern during the last session near its 50-day EMA (Exponential Moving Average), with RSI standing at 45.

“Looking at the current market conditions, Nifty is expected to find support near 23,210 and 23,100 and find resistance levels around 23,510 and 23,580,” Ambala said.

Bank Nifty Prediction

Bank Nifty ended at 50,158.85, declining 0.44% on Friday, yet posted a 1.32% gain weekly, underscoring its underlying resilience.

“Bank Nifty index maintains a higher high, higher low structure, signalling a sustained bullish undertone. Crucially, Bank Nifty is holding firm above the 38.2% Fibonacci retracement level at 50,120, reinforcing the strength. The immediate hurdle stands at 50,650, and a decisive breakout beyond this zone could open the door for an extended move towards 51,500,” said Om Mehra, Technical Analyst, SAMCO Securities.

With the broader setup remaining constructive, the near-term outlook skews neutral to positive, with price action around key levels dictating the next directional move, he added.

According to Dr. Praveen Dwarakanath, Bank Nifty closed below the upper part of the Bollinger band, indicating a small sell-off after a rally.

“The index bounced from the day’s low, indicating strength in the index. The ADX DI+ line continues to be above the ADX DI- line, indicating strength in the index. Options writer’s data for the monthly expiry showed increased writing of the calls above the 50,200 levels, indicating resistance for the index,” said Dwarakanath.

Puneet Singhania said that the Bank Nifty index decisively closed above its 21-day EMA and a three-week consolidation range, confirming a shift from a negative to a positive trajectory.

“As long as Bank Nifty sustains above 49,700, it is likely to move towards 50,700, whereas a breakdown below this level could lead to a decline towards 49,200. A buy on dips strategy is recommended focusing on accumulating positions near support levels for potential upside opportunities,” said Singhania.

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.