Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 17

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

The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 22,960 level, a discount of nearly 35 points from the Nifty futures’ previous close.

On Friday, the domestic equity market ended lower for the eighth consecutive trading session, with the benchmark Nifty 50 falling below 23,000.

The Sensex declined 199.76 points, or 0.26%, to close at 75,939.21, while the Nifty 50 ended 102.15 points, or 0.44%, lower at 22,929.25.

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

Sensex Prediction

In the last week, the benchmark indices witnessed a sharp sell-off and the Sensex declined by 1,900 points. During the week, the market slipped below 20 day SMA (Simple Moving Average) and post breakdown the selling pressure intensified.

“Technically, on weekly charts it has formed a long bearish candle and is also holding lower top formation which supports further weakness from the current levels. We are of the view that, the current market texture is weak and if Sensex breaks the 75,200 support zone then it could slip till 74,600 – 74,300. On the other hand, 76,500 is an important level to watch out for,” said Amol Athawale, VP-Technical Research, Kotak Securities.

According to him, above 76,500, Sensex could see an extension of technical bounce back till 77,100 – 77,500.

Nifty OI Data

On the derivatives front, Nifty’s weekly Open Interest Put-Call Ratio (OI PCR) stands at 0.64, with total Call open interest at 13.4 crore contracts and total Put open interest at 8.59 crore contracts. The highest open interest on the Call side is at the 23,300 strike, while the highest OI on the Put side is at 22,500, said Puneet Singhania, Director, Master Trust Group.

Nifty 50 Prediction

Nifty 50 slipped into weakness with high volatility on February 14 and closed the day lower by 102 points.

“A long negative candle was formed on the daily chart with minor lower shadow. Technically, this market action indicates that though Nifty 50 placed at the crucial support of 22,800 levels, it has displayed lack of strength to sustain the upside bounces. Hence, one may expect a dip below the said support levels by early next week,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Nifty 50 formed a long bear candle on the weekly chart, which indicates reversal on the downside after the two weeks of upside bounce.

“The negative chart pattern like lower tops and bottoms is in force as per daily and weekly timeframe chart. A decisive move below the support of 22,800 levels could open the next downside of around 22,450 levels (20 month EMA) in the near term. Immediate resistance is placed at 23,250,” Shetti said.

Puneet Singhania highlighted that the Nifty 50 slipped below its key 21-day and 200-day exponential moving averages (EMAs), prompting technical traders to increase short positions in index futures.

“Nifty 50 trading near its three-week low with all major sectors ending in the negative territory. The index is showing signs of weakness and trading below the 21-day and 55-day moving averages. The MACD indicator has turned negative, and the MACD line has crossed below the signal line, suggesting a bearish trend. Additionally, Nifty is trading below horizontal support which is 23,350, which may likely to act as a strong resistance level. Unless it sustains above 23,350, a sell-on-rise approach is preferred,” said Singhania.

The key support is placed at 22,800 – 22,750, breaching below that may take Nifty 50 toward 22,500, and further downside could take it to 22,000, a key support level aligned with the 100-week EMA, he added.

Bank Nifty Prediction

Bank Nifty declined 260.40 points, or 0.53%, to close at 49,099.45 on Friday. For the week, the index dropped 2.11% and formed a negative candle on the weekly chart.

“Bank Nifty is trading below the 21-day and 55-day EMAs, indicating weakness. Strong resistance is at 49,650, and a breakout above this level may push it toward 50,200. On the downside, support is at 48,700, last week’s low, and breaking below it could increase selling pressure toward 48,000,” said Puneet Singhania.

According to him, the overall market tone appears bearish, suggesting a sell-on-rise approach until a clear breakout occurs. Traders should watch support and resistance levels closely for further market direction.

Amol Athawale of Kotak Securities is of the view that for Bank Nifty, 20 day SMA or 49,300 would be the trend decider level. Below the same, it could retrace till 48,000 – 47,750. However, above the 20-day SMA or 49,300, it could retest the level of 49,800 – 50,000.

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.