Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 13

The Indian stock market indices, Sensex and Nifty 50, are expected to open flat-to-higher on Wednesday following gains in global peers.

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 22,460 level, a premium of over 10 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity benchmark indices ended the choppy session flat with a positive bias.

The Sensex gained 165.32 points, or 0.22%, to close at 73,667.96, while the Nifty 50 inched 3.05 points, or 0.01%, higher to settle at 22,335.70.

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Nifty 50 formed a neutral candlestick pattern on the daily chart after a bearish engulfing, signaling ongoing bearish pressure in the market.

“The bearish Evening star pattern formed in the previous session has not yet been negated. Nifty could now stay in the 22,224 – 22,526 band for the near term. Adverse breadth data is weighing on the minds of investors and traders,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

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

Nifty OI Data

Analyzing the Open Interest (OI) data, the call side displayed the highest OI at 22,500, followed by 22,600 strike prices. On the put side, the highest OI was observed at the 22,000 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking.

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Nifty 50 Prediction

The Nifty 50 index ended flat at 22,336 on March 12 amid high volatility and formed a long legged doji candle.

“The Nifty index experienced a volatile trading session with an ongoing battle between the bulls and bears. The formation of a doji candle suggests indecisiveness at current levels, and a breakout on either side could lead to trending moves. The immediate resistance for Nifty is at 22,500, and a break above this on a closing basis would signal a resumption of the upward movement,” said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

Conversely, Shah believes the immediate support is positioned at 22,200 – 22,150, and sustaining above this level could witness some recovery in the index.

Rahul Ghose, CEO, Hedged.in noted that the Nifty 50 index for this monthly expiry saw a good amount of short straddles being created at the 22,500 levels.

“This means that the market participants expect the expiry to be between 22,000 and 22,900 range. As 22,000 is a strong floor for the index, one should venture out into a long position close to this level between 22,150 and 22,000 or once prices cross and stabilize over the 22,500 level,” Ghose said.

Tuesday’s knee-jerk reaction on both sides makes it important to wait for important levels for entry and not try and chase prices, he added.

Also Read: Stock market today: Day trading guide for Nifty 50 to Sensex, six stocks to buy or sell on Wednesday — 13th March

Bank Nifty Prediction

The Bank Nifty index fell 45 points to close at 47,282 on Tuesday.

“The Bank Nifty index experienced extreme volatility but managed to hold the support of the 20-DMA (Day Moving Average) at the 46,800 mark. A strong resistance is observed at the 47,800 level, and a breakout above this point would pave the way for all-time high levels,” Shah said.

According to Shah, the Bank Nifty index maintains a “buy on dip” stance as long as the mentioned support levels are held.

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.