Nifty 50, Sensex today: What to expect from the Indian stock market in trading on October 23?

Indian stock market indices, Sensex and Nifty 50 are likely to open on a subdued note on Wednesday amid mixed global market cues.

GIFT Nifty trends also indicate a slow start for the Indian benchmark indices. GIFT Nifty was trading around 24,550 levels, almost 10 points higher than the previous close of Nifty futures.

On Tuesday, domestic equity indices witnessed strong selling with each stock closing over a per cent lower.

Sensex It closed 930.55 points or 1.15% lower at 80,220.72, while the Nifty 50 fell 309.00 points or 1.25% at 24,472.10.

Nifty 50 formed a long bear candle on the daily chart, indicating an attempt for a decisive downside breakout of 24,600 – 24,500 levels.

“After forming a series of higher tops and lower lows on the daily charts over the last few months, Nifty 50 is currently weakening after forming a new lower top around the 25,230 level. This is a negative sign and indicates a continued decline. Another important weekly cluster of support around 24,500 (ascending trend line, 23.6% retracement and weekly 20 period EMA) is on the verge of a downside breakout, said Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities.

According to him, the short-term trend of nifty 50 It remains negative and a decisive move below 24,500 – 25,450 levels is likely to open the next downside target of 24,000. He said any rise till the immediate resistance of 24,700 could be a selling opportunity.

What to expect from Nifty 50 and Bank Nifty today:

nifty oi data

Nifty Open Interest (OI) data shows highest OI on the call side at 24,600 and 24,700 strike prices, indicating strong resistance levels. On the put side, OI is focused on 24,400 and 24,300 strike prices, highlighting these as key support levels, said Hardik Matalia, derivatives analyst at Choice Broking.

According to Dr. Praveen Dwarkanath, Vice President, Hedged.in, option writer data for this month’s expiry shows an increase in call writing and short covering in ITM puts at 24,500 and above levels, which should indicate continuation Has been.

nifty 50 prediction

On October 22, sharp weakness was seen in Nifty 50 and it fell 309 points during the day and closed below the 24,500 level.

“Overall, the short-term structure for the market has weakened and on the downside the index may gradually move towards 24,200/23,940 levels. At higher levels, 24,700/24,840 will act as a stiff resistance zone for the index and a move towards those levels can be used to reduce long exposure and increase short positions,” said Sanctum Wealth in Derivatives and said Aditya Agarwal, head of technical analysis.

Jatin Gedia, technical research analyst at Sharekhan by BNP Paribas, said that on the daily chart, Nifty 59 has decisively slipped below the 20-week average (24,718) indicating weakness.

“The daily and hourly momentum indicators have a negative crossover which is a sell signal. Thus, both price and momentum indicators indicate weakness. On the downside, we expect Nifty 50 to move towards 24,000, where there is a high concentration of Open Interest on the Put side, which means support. On the upside, 24,900 – 25,000 will act as a key resistance from a short-term perspective,” Gedea said.

VLA Ambala, co-founder of Stock Market Today, said she has a bearish outlook for the next few days and advised traders to adopt a ‘sell on rise’ strategy.

“Nifty 50 has fallen by about 7% and selling pressure may persist. However, Nifty, which is in the overbought zone with an RSI of 70, may fall to 60-55 in the coming weeks. Currently, Nifty’s RSI shows 33 on the daily time frame and 53 on the weekly time frame, forming a bearish Marubozu candlestick pattern. Between these, Nifty can expect support near 24,320 and 24,000 and resistance near 24,510 and 24,585,” Ambala said.

bank nifty prediction

On Tuesday, the Bank Nifty index fell 705.55 points or 1.36% to close at 51,257.15 and formed a long bearish candle on the daily chart.

According to Aditya Agarwal, at the grassroots level, bank nifty Immediate support will be found around 51,000/50,800 levels and a downside could be seen from those levels. However, at higher levels there will be a strong supply zone for the 52,000/52,250 index and profit booking can be expected from those levels.

Meanwhile, the Bank Nifty index saw a big fall from Tuesday’s opening price and never recovered during the day, indicating weakness in the index.

“On the weekly charts, momentum indicators also indicate a decline. On the weekly chart, the ADX average line is well below the 20 levels with the ADX DI- line at the top of the ADX DI+ line, indicating further downside is possible if the ADX average line curves upward. Dwarkanath said, options writer data has seen an increase in writing in calls above 51,500 level in monthly expiry, indicating strong resistance at 51,500 level before expiry.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We recommend investors to check with certified experts before taking any investment decision.