Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 15

The Indian stock market indices, Sensex and Nifty 50, are likely to open higher on Wednesday, tracking gains in global peers.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 23,303 level, a premium of nearly 31 points from the Nifty futures’ previous close.

On Tuesday, the Indian stock market ended higher after witnessing four consecutive days of selling pressure.

The Sensex rose 169.62 points, or 0.22%, to close at 76,499.63, while the Nifty 50 settled 90.10 points, or 0.39%, higher at 23,176.05.

Nifty 50 formed a small positive candle on the daily chart with a gap up opening and with a long upper shadow.

“Technically, this market action indicates an upside bounce in the market with lack of strength to sustain the highs. The negative chart pattern like lower tops and bottoms is intact on the daily chart and current upside bounce could possibly open another lower top formation in the short term. On further upside, Nifty could encounter strong hurdles at the recent down gap of 13th January around 23,350 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the near-term trend of Nifty 50 remains weak and he expects this upside bounce could be a sell on rise opportunity around 23,350 levels.

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

Nifty OI Data

Nifty Open Interest (OI) data indicates strong resistance at the 23,400 and 23,500 strike prices on the call side, while the put side saw significant positions at the 23,000 and 22,900 levels, marking these as key support zones, said Mandar Bhojane, Research Analyst, Choice Broking

“The market’s near-term direction will depend on whether the index decisively breaches the identified resistance or support levels, with traders closely monitoring the price movement around these critical zones,” Bhojane said.

Nifty 50 Prediction

Nifty 50 witnessed a relief rally on January 14 and closed the day higher by 90 points.

“Nifty 50 remained choppy during the session, forming a bullish Harami Cross pattern on the daily chart. A bullish Harami pattern, especially after a significant correction, often signals a potential short-term recovery. The Nifty appears positive for the short term as long as it remains above 23,135. On the upside, it could move towards 23,400, and a decisive move above 23,400 may lead to higher levels,” said Rupak De, Senior Technical Analyst at LKP Securities.

Dr. Praveen Dwarakanath, Vice President of Hedged.in noted that the Nifty 50 index, after a 6-day streak of breaking its previous day’s low, closed above without breaking its low, indicating a recovery in the fall.

“Nifty index has formed an insider candle, indicating non-decisiveness. The momentum indicators are well below the oversold region, which can act as a reason for a bounce in the index from the current level. Options writer’s data for the January monthly expiry showed increased writing of the calls at the 23,200 and above levels and a short covering of puts at the 23,500 level, indicating mild bullishness,” said Dwarakanath.

VLA Ambala, Co-Founder of Stock Market Today, highlighted that Nifty 50 formed a bullish hammer candlestick pattern on the daily chart while gravestone doji candlestick pattern in intraday trading during the last session.

“Amidst these developments, Nifty 50 can expect support near 23,110 and 23,010 while resistance could be around 23,290 and 23,350. Notably, the psychological level of 23,000 is crucial. If it breaks down, we may see further sell-offs at the index level. This is crucial because the monthly RSI for Nifty is at 60, signaling room for more price correction,” Ambala said.

Bank Nifty Prediction

Bank Nifty index rallied 687.90 points, or 1.43%, to close at 48,729.15 on Tuesday, forming a bullish candlestick pattern on the daily charts.

“Bank Nifty bounced from its critical support at 48,000 level, indicating strength in the index. The index broke previous day’s high after taking support from the lower Bollinger band. The momentum indicators are in the oversold region, indicating a possible bounce in the index from the current level,” said Dr. Praveen Dwarakanath.

According to him, options writer’s data for the monthly expiry showed increased writing of the puts at the 49,000 level, suggesting a strength in the index.

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.