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

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

The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 22,605 level, a discount of nearly 45 points from the Nifty futures’ previous close.

On Friday, the domestic equity market ended flat, with the Nifty 50 holding above 22,550.

The Sensex eased 0.01%, to close at 74,332.58, while the Nifty 50 settled 7.80 points, or 0.03%, higher at 22,552.50.

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

Sensex Prediction

Sensex has formed a reversal formation on both daily and weekly charts, supporting a further uptrend from the current levels

“A long bullish candle on the weekly charts and an uptrend continuation formation on intraday charts also support the uptrend. We are of the view that 74,000 and 73,700 would be key support zones for positional traders. If Sensex succeeds in trading above these levels, it could bounce back to the 20-day SMA or 75,200. Further upside may continue, potentially lifting the indices up to 75,700,” said Amol Athawale, VP-Technical Research, Kotak Securities.

On the flip side, he believes if Sensex falls below 73,700, the sentiment could change, and traders may prefer to exit their long positions.

Nifty OI Data

The derivatives market indicates a cautiously optimistic outlook, with put writers demonstrating greater conviction than call writers, signaling growing confidence among market participants.

“Substantial open interest at the 22,800-call strike (84.88 lakh contracts) solidifies this level as a critical resistance point. Conversely, strong put writing at the 22,300 strike (84.98 lakh contracts) establishes a solid support level. The 22,500–22,000 range is witnessing robust put writing, while higher strike call writing further reinforces the building bullish sentiment,” said Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities.

Though the Put-Call Ratio (PCR) has dipped marginally from 1.18 to 1.09, it still highlights the improving market outlook. The Max Pain level at 22,500 suggests that bulls are likely to continue absorbing selling pressure despite market fluctuations, he added.

Nifty 50 Prediction

Nifty 50 shifted into a consolidation movement with range bound action on March 7 and closed the day higher by 7 points. Over the past week, Nifty 50 has surged 1.93%, highlighting a bullish undertone.

“A small positive candle was formed on the daily chart with a reasonable upper shadow. Technically, this market action signals a consolidation movement at the overhead resistance. The immediate hurdle of opening the downside gap of 28th February has been filled and Nifty 50 closed above it at 22,500 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the underlying short-term trend of Nifty 50 remains positive and a sharp move above 22,750 – 22,800 levels is likely to bring bulls back into action. Any dips from here could find support around 22,250 levels.

Om Mehra, Technical Analyst, SAMCO Securities, noted that the daily MACD is on the cusp of a positive crossover, which could reinforce upward momentum and potentially lead to the filling of the unfilled gap above 22,668.

“Any minor retracement towards the 22,430 – 22,450 zone will likely present an attractive buying opportunity, aligning with the ongoing recovery. The 20 DMA, currently placed at 22,750, serves as a crucial resistance level. Meanwhile, market breadth continues to improve, indicating that the broader trend is poised to remain neutral to positive in the near term,” Mehra said.

VLA Ambala, Co-Founder of Stock Market Today, highlighted that the Nifty 50 formed a High Wave candlestick pattern on the daily chart, while on the weekly chart, it formed a bullish Belt Hold candlestick pattern, with its RSI at 40.

“Currently, the Nifty index faces crucial resistance at 22,720. However, if the index closes above this level, it could test the 23,000 mark within 1 to 2 weeks. We must view this situation as a pullback movement, as the overall trend remains downward. However, traders may consider a sell-on-rise strategy if prices rise toward 23,500. Nifty can expect support between 22,450 and 22,380, while resistance can be found near 22,730 and 22,900 in the next session,” said Ambala.

Bank Nifty Prediction

Bank Nifty concluded the session at 48,497.50, registering a decline of 0.27%. However, on a weekly basis, the index managed to edge up by 0.32%, indicating a phase of consolidation within a broader range of 47,840 to 48,840.

“Bank Nifty has found support at the horizontal zone of 47,800, which aligns with the 100-week EMA (Exponential Moving Average). Following three consecutive weeks of negative closing and a volatile trading week, the Bank Nifty index managed to close in positive territory. However, it remains below the 21-day and 55-day EMAs. The immediate resistance is placed at 48,900, coinciding with the 21-day EMA. A breakout above this level could drive the index towards 49,500,” said Puneet Singhania, Director at Master Trust Group.

The RSI is currently at 42, indicating weak momentum. A breach below 47,800 may lead to further downside toward 47,200. Considering the prevailing technical setup, the preferred strategy would be to sell on a rise near resistance levels, Singhania added.

Om Mehra notes that on the hourly chart, the Bank Nifty index is positioned near a descending trendline, which aligns with the hourly Supertrend indicator at 48,720.

“A decisive breakout above this level could trigger a fresh upward move, potentially driving the index towards the 49,000 mark. The immediate support is placed at 48,200, with a critical cushion at 48,120. The broader structure suggests a consolidative bias, where a breach of key resistance levels could pave the way for renewed bullish momentum,” said Mehra.

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.