Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 24

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 gap-down start for the Indian benchmark index. The Gift Nifty was trading around 22,680 level, a discount of nearly 142 points from the Nifty futures’ previous close.

On Friday, the domestic equity market ended lower for the fourth consecutive session, with the benchmark Nifty 50 slipping below 22,800 level.

The Sensex fell 424.90 points, or 0.56%, to close at 75,311.06, while the Nifty 50 settled 117.25 points, or 0.51%, lower at 22,795.90.

Nifty 50 formed a falling wedge pattern on the daily chart, indicating potential support and a possible rebound.

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

Sensex Prediction

Sensex ended 424.90 points lower at 75,311.06 on Friday, still holding a lower top formation on both daily and weekly charts, and trading below the 20-day SMA (Simple Moving Average), which is largely negative.

“We believe that the larger market texture remains on the weak side; however, we could expect a quick technical pullback rally if Sensex succeeds in holding above 76,000. If it does, it could bounce back to 76,500 – 76,800. On the other hand, if Sensex falls below 75,100, the correction wave is likely to continue,” said Amol Athawale, VP-Technical Research, Kotak Securities.

Below that level, Sensex could slip to 74,400 – 74,100, and near 74,100, contrarian traders may prefer to take a long bet with a strict stop loss of 73,800, he added.

Nifty OI Data

Nifty Open Interest (OI) data suggests strong support at 22,500 and 22,300, with the highest Put OI concentration at these levels. On the upside, 23,000 and 23,100 hold the highest Call OI, indicating significant resistance. A decisive breakout above 23,000 could trigger short covering and fresh buying, pushing the index towards higher levels, said a Choice Broking analyst.

Nifty 50 Prediction

Nifty 50 slipped into weakness on February 21 and closed the day lower by 117 points amidst choppy movement.

“A small red candle was formed on the daily chart with minor upper and lower shadow. Technically, this candle pattern indicates a formation of high wave type pattern at the lows. Normally, such high wave formation indicates high volatility in the market and confusion state of mind among investors,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Nifty 50 is currently placed at the crucial support of around 22,700 levels (38.2% Fibonacci Retracement), but not showing any strength to bounce back from the said supports.

“The underlying trend of Nifty 50 remains choppy. A decisive downside breakout of the support of 22,700 could open the downside of around 22,450 levels (20-month EMA) in a quick period of time. Immediate hurdle to be watched for trend reversal on the upside around 23,000 – 23,100 levels,” Shetti said.

Om Mehra, Technical Analyst, SAMCO Securities noted that as the broader trend remains bearish, the formation of a classical Doji on the weekly chart signals a potential reversal but lacks confirmation.

“The daily RSI continues to weaken at 37, reflecting subdued momentum. The resistance is placed at 22,950, followed by 23,050, while key support rests in the 22,600 zone. Considering the broader chart and the prevailing bearish trend there might be a minor pain towards the 22,500-22,600 zone before a potential rebound from lower levels,” said Mehra.

According to him, at this stage, a measured approach is advisable — avoiding both undue optimism and excessive pessimism — as the market seeks clarity on its next move.

VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 formed a Gravestone Doji candlestick pattern on the weekly chart during Friday’s session.

“Based on this condition, Nifty 50 can expect support at 22,710, 22,600, or 22,485, and find resistance near 22,880 and 23,010 in today’s market session,” said Ambala.

Bank Nifty Prediction

Bank Nifty closed at 48,981.20 on Friday, down 0.72% for the session and 0.24% for the week.

“Bank Nifty index remains in a consolidation phase, oscillating between 48,525 and 49,628, with no clear directional breakout. The 20 EMA (Exponential Moving Average) at 49,500 acts as a critical resistance, restricting upward momentum. On the downside, key support lies at 48,500, and a breakdown below this level could trigger gap-filling, extending the decline toward the 48,300 – 48,320 zone,” said Om Mehra.

He believes some consolidation may still be in play before the Bank Nifty index attempts a decisive upward move.

Amol Athawale said that as long as Bank Nifty trades below the 20-day SMA, weak sentiment is likely to persist.

“Falling below this level could lead to a retest of 48,500. Further downside may continue, potentially dragging the Bank Nifty index down to 48,000. However, if it rises above the 20-day SMA or reaches 49,500, it could rally to the 50-day SMA, reaching levels of 50,000 and 50,250,” said Athawale.

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.