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

The Indian stock market indices, Nifty 50 and Sensex are likely to see a weak opening on Friday following losses in global peers.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 19,383 level as compared to the Nifty futures’ previous close of 19,476.

The equity benchmark indices remained rangebound and closed lower on Thursday.

The Sensex fell 143.41 points to end at 64,832.20, while the Nifty 50 settled 48.20 points lower at 19,395.30.

Nifty 50 formed a reasonable negative candle on the daily chart that placed within a high low range of 19,460-19,350 levels.

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“Currently, the market is facing resistance around 19,450-19,500 levels and there is a possibility of some more consolidation or minor weakness in the short term, before witnessing a decisive upside breakout in the near term,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

He believes the smaller degree of higher tops and bottoms is intact on the daily chart and the recent unfilled opening upside gap around 19,250 levels could offer support for the market during present consolidation to form a higher bottom.

Nifty Call Options/Put Options Data

Examining Open Interest (OI) data, the call side shows the highest OI at 19,500, followed by the 19,600 strike prices, with 19,500 acting as strong resistance for Nifty. Conversely, the highest OI on the put side is at the 19,400 strike price. This data indicates a sideways movement for Nifty, said Mandar Bhojane, Research Analyst at Choice Broking.

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

Nifty 50

The Nifty 50 index experienced a volatile session and closed at 19,395.30 on November 9, forming a bearish candlestick pattern.

“The Nifty has slipped a bit lower as it found resistance at the critical moving average on the daily timeframe, suggesting a weakening bullish sentiment. Moreover, the index slipped back below 21-day EMA (Exponential Moving Averages) after a brief stay above the critical near-term moving average, which indicates a failed bullish reversal. The sentiment now favors a bearish bet as long as the Nifty remains below 19,500. All rallies till 19,500 are likely to be sold into,” said Rupak De, Senior Technical Analyst at LKP Securities.

On the lower end, support is placed at 19,300, below which a serious correction may happen in the market, he added.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 10

Bank Nifty

The Bank Nifty index consolidated and ended 25 points higher at 43,684 on Thursday.

“The index has remained sideways during the day as it sustained above the support at 43,500 while it failed to reach the crucial resistance of 44,000. Going forward, the trend is likely to remain sideways to positive as long as it sustains above 43,500. The index has been lacking momentum at the higher levels. A fall below 43,500 might signal a failure of the current trend; below 43,500, the index might fall towards 43,000-42,800,” De said.

Meanwhile, Bhojane of Choice Broking said Bank Nifty is trading within the range of 43,900-43,550, suggesting a potential sideways trend.

“Notably, the price finds support from the 20 and 200-day Exponential Moving Averages (EMA). Bank Nifty’s support levels are identified at 43,500-43,400, while resistance is anticipated at 43,800-44,000 levels. This analysis points toward a possible consolidation phase in Bank Nifty,” Bhojane said.

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