Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 12

The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 22,445 levels, a premium of nearly 30 points from the Nifty futures’ previous close.

The domestic equity indices slipped into weakness and ended lower on Monday amid weak global cues.

The Sensex plunged 616.75 points to close at 73,502.64, while the Nifty 50 settled 160.90 points, or 0.72%, lower at 22,332.65.

Nifty 50 formed a long bear candle on the daily chart, which indicates a reversal of the previous two sessions of upmove. 

Also Read: Indian stock market: 7 key things that changed for market overnight – Gift Nifty, crude oil to Bitcoin price rally

“The present chart pattern on the daily chart signals a formation of bearish evening star type candle pattern, which indicates short-term top reversal for the markets. After the formation of a bullish pattern like the rising three method on Wednesday, the Nifty has reversed its short-term upmove and formed a bearish pattern of evening star on Monday,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Shetti believes the short-term trend of Nifty 50 seems to have turned down and the next lower levels to be watched around 22,100 – 22,050 levels.

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

Nifty OI Data

Upon analyzing the Open Interest (OI) data, the call side exhibited the highest OI at 22,500, followed by the 22,600 strike prices. In contrast, on the put side, the maximum OI was observed at the 22,000 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 12

Nifty 50 Prediction

The Nifty 50 index succumbed to profit booking and ended 161 points lower on March 11 after hitting a new all-time high of 22,526 during the session.

“Nifty has been fluctuating within an ascending channel, displaying a pattern of higher highs and higher lows. The overall trend continues to be bullish, although there is currently an intermediate corrective phase in progress. In the short term, Nifty could experience weakness, possibly leading to a decline toward the range of 22,200 – 22,250,” said Rupak De, Senior Technical Analyst, LKP Securities.

Looking at the upside, immediate resistance is identified at 22,400 based on closing prices, he added.

Bank Nifty Prediction

The Bank Nifty index plunged 508 points, or 1.06%, to close at 47,328 on Monday.

“The Bank Nifty index encountered strong resistance from bears at higher levels, prompting a downside move. Immediate support for the index is at 47,000 – 46,800 levels, and a decisive close below this range could intensify selling pressure,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

According to Shah, to resume the uptrend towards all-time high levels, the index must decisively surpass the mark of 47,700.

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.

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Published: 12 Mar 2024, 07:29 AM IST