Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 18

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a weak note on Tuesday tracking mixed cues from global peers.

The trends on Gift Nifty also indicate a mildly negative start for the Indian benchmark index. The Gift Nifty was trading around 22,995 level, a discount of nearly 30 points from the Nifty futures’ previous close.

On Monday, the domestic equity market ended with minor gains and the benchmark indices broke the eight-day losing streak.

The Sensex gained 57.65 points, or 0.08%, to close at 75,996.86, while the Nifty 50 settled 30.25 points, or 0.13%, higher at 22,959.50.

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

Sensex Prediction

Sensex took support near 75,300 and bounced back sharply to close marginally higher on Monday.

“However, the short-term texture of the market is still on the downside. We are of the view that as long as Sensex is trading above 75,500, the pullback formation is likely to continue. On the higher side, it could move up to 76,200. Further upside may also continue, which could lift the index till 76,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

On the flip side, he believes below 75,500 the sentiment could change and below the same, the index could slip till 75,300 – 75,000.

Nifty OI Data

Nifty Open Interest (OI) data shows strong support at 22,800 and 22,600, with the highest Put OI at these levels. On the upside, 23,300 and 23,500 hold the highest Call OI, indicating stiff resistance. A decisive breakout above 23,500 could trigger short covering and fresh buying, pushing the index toward higher levels, said Mandar Bhojane, Research Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 ended up 0.13% at 22,959.50 on February 17, forming a bullish candle with a large wick on the downside, signalling buying interest and a potential reversal formation.

“Nifty 50 index closed significantly higher from the day’s low, driven by buying interest at the lower end of the range. However, sentiment remains weak as it failed to reclaim the key Fibonacci retracement level. Additionally, the index continues to trade below critical moving averages, reinforcing the overall bearish undertone,” said Rupak De, Senior Technical Analyst at LKP Securities.

In the short term, the Nifty 50 index is likely to remain a sell-on-rise candidate unless it decisively crosses above 23,150 on a closing or sustained basis. On the downside, support is placed at 22,800, he added.

Om Mehra, Technical Analyst, SAMCO Securities, noted that the Nifty 50 is currently taking support from the lower Bollinger Band, highlighting the probability of a rebound.

“Additionally, the daily RSI exhibits a positive divergence, further strengthening the potential for an upside move. However, for the bullish momentum to sustain, the Nifty 50 index needs to surpass the immediate hurdle at 23,150. A decisive breakout above this level could trigger further upside toward 23,250, with the next key resistance seen at 23,330,” said Mehra.

According to him, on the downside, 22,725 remains a crucial support level and a breach below this zone could negate the recovery attempt, leading to renewed selling pressure that may drag the index lower.

Nifty 50 is positioned near a key support level, while the index formed a death cross chart pattern and closed at a 50-week EMA (Exponential Moving Average) on Monday, suggesting potential downside risks, highlighted VLA Ambala, Co-Founder of Stock Market Today.

“In this situation, investors are advised to adopt a sell-on-rise strategy to capitalize on this movement, with 22,800 acting as a key support level. However, if Nifty 50 closes below this level, it can trigger bearish sentiments in the market. Nifty 50 can expect support near 22,740 and 22,600 and meet resistance near 23,030 and 23,100,” said Ambala.

Bank Nifty Prediction

Bank Nifty gained 159.45 points, or 0.32%, to close at 49,258.90 on Monday, forming a bullish candlestick pattern on the daily chart.

“Bank Nifty demonstrated resilience after repeatedly testing the 49,000 level over the past week without closing below it. This suggests strong support at lower levels and a potential shift in momentum. The Bank Nifty index formed a bullish candle on the daily chart, indicating the possibility of a reversal. Moreover, Nifty Bank now holds above the 50% Fibonacci retracement level, placed at 49,230, highlighting its short-term strength,” said Om Mehra.

If the Bank Nifty index sustains above 49,520, it could gain further traction and attempt to retest the 49,800 – 50,000 zone in the upcoming sessions. A decisive breakout beyond this range may open the door for an extended uptrend, he added.

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.