Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 14 after Modi-Trump meet

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Friday, tracking upbeat cues from global markets.

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 23,195 level, a premium of nearly 87 points from the Nifty futures’ previous close.

On Thursday, the domestic equity market ended lower for the seventh consecutive session, with the Nifty 50 holding above 23,000 level.

The Sensex eased 0.04% to close at 76,138.97, while the Nifty 50 settled 13.85 points, or 0.06%, lower at 23,031.40.

Nifty 50 formed a small red candle on the daily chart with a long upper shadow.

“Technically, this market action indicates a lack of strength in the upside bounce of the market. The short-term trend of Nifty remains positive, but the market is lacking its strength to surpass immediate hurdles,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, a decisive move above 23,250 levels could confirm a near term bottom reversal pattern in the market, and immediate support is placed at 22,800 levels.

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

Nifty OI Data

In the derivatives market, Nifty open interest (OI) data showed the highest call OI at the 23,100 strike, while the highest put OI was at the 23,000 strike.

“This positioning suggests that Nifty 50 may face resistance near the 23,100 level, with traders anticipating further gains. A sustained move above these key levels will be crucial in determining the market’s next direction,” said Aakash Shah, Technical Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 failed to sustain the intraday gains on February 13 and closed the day lower by 13 points.

“Despite a dragonfly doji in the previous session, the Nifty 50 index has now formed a gravestone doji on the daily chart, signalling indecision. However, Nifty 50 has managed to defend the 23,000 level, which aligns with the 78.6% Fibonacci retracement, reflecting some resilience. The MACD indicator remains below the zero line, indicating a continued downside skew. While a minor positive RSI divergence had started to emerge, Thursday’s decline has largely negated its impact,” said Om Mehra, Technical analyst, SAMCO Securities.

According to Mehra, the immediate support is placed at 22,800. Although Nifty 50 has formed a double-bottom pattern on the daily timeframe, a decisive close above 23,200 will be critical for confirming a sustained uptrend.

Praveen Dwarakanath, Vice President of Hedged.in, noted that Nifty 50 rose to its 20-day moving average at the 23,270 level during the day, indicating accumulation in the index.

“Nifty 50 index formed an inverted hammer candle, however, on the lower side of the Bollinger band, indicating reduced momentum on the upside. The ADX DI- line is sloping down with the ADX DI+ line sloping up even in yesterday’s small fall, indicating upside momentum in the index. The momentum indicators on the daily chart are below the over-sold region, suggesting a possible bounce in the index,” Dwarakanath said.

Options writer’s data for the monthly expiry showed increased writing of calls and puts at the 23,200 level, indicating resistance in the index at the 23,200 level, he added.

VLA Ambala, Co-Founder of Stock Market Today, said that Nifty 50 can find support near 23,180 and 23,280 and face resistance near 22,960 and 22,740 in the next session.

Bank Nifty Prediction

Bank Nifty index ended 0.24% lower at 49,359.85 on Thursday, forming an inverted hammer on the daily chart, indicating indecision.

“Despite the ongoing weakness, Bank Nifty has managed to sustain above the 23.6% Fibonacci retracement level, which is placed at 49,270, indicating some resilience. However, for any meaningful recovery to take shape, the index must decisively cross and sustain above the 38.2% Fibonacci retracement level at 50,130,” said Om Mehra.

Bank Nifty continues to trade below key moving averages, with immediate support placed at 48,700. The index may consolidate for a few sessions, and unless 50,130 is decisively breached, the uptrend is likely to remain subdued, he added.

Praveen Dwarakanath highlighted that the Bank Nifty took support from its 20-day moving average and bounced during the day, indicating strength in the index.

“Bank Nifty index ADX DI- line is sloping down with the ADX DI+ line sloping upside, indicating a possible upside in the index. The momentum indicators are rising from the oversold region, suggesting a possible move on the upside from the current levels. Options writer’s data for the monthly expiry showed increased writing of the calls above the 49,500 levels, indicating resistance for the index,” said Dwarakanath.

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