Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 12 | Stock Market News

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher amid cautiousness tracking mixed global market cues.

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 23,187 level, a premium of nearly 35 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market crashed, with both the benchmark indices falling over 1% each.

The Sensex cracked 1,018.20 points, or 1.32%, to close at 76,293.60, while the Nifty 50 settled 309.80 points, or 1.32%, lower at 23,071.80.

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

Nifty OI Data

Nifty Open Interest (OI) data shows the highest OI on the call side at the 23,200 and 23,300 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 23,000 strike price, marking it as a key support level, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 continued its downward momentum for the fifth consecutive session on February 11 and closed the day with a steep decline of 309 points.

“Nifty 50 formed a long bear candle on the daily chart that has decisively broken the crucial support of 23,400 levels and closed lower. Technically this pattern indicates prevalence of strong downside momentum in the market. The bullish chart pattern formed after the recent upside bounce has been negated and the sentiment has been changed to sharply negative,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the larger degree bearish pattern like lower tops and bottoms is visible on the daily chart and the Nifty 50 is now sliding down to form a new lower bottom below the swing low of January at 22,786 levels.

However, any upside bounce from here could find strong resistance around 23,200 levels, he added.

Dhupesh Dhameja, Derivatives Analyst, SAMCO Securities believes that the Nifty 50 index maintains a bearish stance, with persistent selling pressure capping any meaningful upside.

“Trading firmly below its key moving averages, the Nifty 50 index faces significant resistance near the 50-day and 20-day EMAs. The extended five-session decline further reinforces the prevailing negative sentiment. As long as Nifty 50 remains below its immediate resistance, fresh selling pressure is anticipated, supported by renewed call-writing activity. With volatility on the rise, the 23,000–22,970 support range is crucial for bulls to defend, as put writers are actively positioning themselves at these levels,” said Dhameja.

Given the market’s fragile structure and subdued sentiment, a ‘Sell on Rise’ strategy appears favourable. Resistance at 23,500 remains intact, and a break below 22,970 could trigger a steep correction, exacerbating the selling momentum, he added.

VLA Ambala, Co-Founder of Stock Market Today, noted that the benchmark Nifty 50 index formed a bearish Marubozu candlestick during and finished the day below all key supportive EMAs.

“I advise investors to focus on hedging and diversifying their portfolios to generate multifold gains in this situation. Analysis suggests that the broader market is likely to create new opportunities in this bear market for investors to encash. However, they should be cautious and plan their next investment move accordingly. Based on these developments, we could see Nifty hover for support between 22,950 and 22,810 and meet resistance between 23,100 and 23,170 in the next market session,” Ambala said.

Bank Nifty Prediction

Bank Nifty index plunged 577.60 points, or 1.16%, to close at 49,403.40 on Tuesday, forming a long bearish candlestick on the daily timeframe.

“Bank Nifty index maintains a bearish trajectory, with persistent selling pressure restricting any meaningful upside. Trading well below its key moving averages, the index faces formidable resistance near the 50-day and 200-day EMAs. The ongoing three-session decline and death crossover on the daily chart further reinforce the prevailing negative sentiment,” said Dhupesh Dhameja.

As long as the Bank Nifty index remains below its immediate resistance, fresh selling pressure is expected to continue, supported by renewed call-writing activity. With volatility staying elevated, the 49,000–48,850 support range is crucial for bulls to defend, as put writers are actively positioning themselves at these levels, he added.

“Given the market’s fragile structure and subdued sentiment, a ‘Sell on Rise’ strategy appears favourable. Resistance at 50,200 remains intact, and a break below 48,850 could trigger a sharp downturn, escalating selling pressure further,” said Dhameja.

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.