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

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

    The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,375.50 level, a premium of nearly 65 points from the Nifty futures’ previous close.

    Tuesday saw the stock markets extend their winning streak for the third day in a row as advances in index heavyweight Reliance Industries and encouraging inflation data helped the benchmark Sensex up 328 points and the Nifty 50 above the 22,200 mark.

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    The BSE Sensex increased for the third day, closing at 73,104.61 after rising by 328.48 points, or 0.45%. The Nifty 50 rose by 113.80 points, or 0.51%, to settle at 22,217.85

    The bulls drove the index higher after a successful trading day, according to Rupak De, Senior Technical Analyst, LKP Securities. The index did, however, close just below the ascending channel’s bottom band. The Nifty 50 closed above the critical mark of 22,200, but it must re-enter the channel to maintain momentum in the coming days.

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

    Nifty OI Data

    Mandar Bhojane, Research Analyst of Choice Broking stated that an analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,000 level, implying potential support at this level. On the Call side, significant OI concentrations are observed at the 22,500 and 22,600 levels, nearing all-time highs.

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    Nifty 50 Prediction

    The market recovered smartly in the previous few days, according to Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securitie, following a recent false negative breakout of trend line support at about 22,000 levels. Tuesday’s market opened on a good tone and spent the most of the day moving upward. With gains of 113 points on Tuesday, the Nifty 50 finished close to its highs, having withstood minor intraday drops.

    “A small positive candle was formed on the daily chart, which is indicating a confirmation of important higher bottom reversal at 21,820 levels. As per the bullish pattern like higher tops and bottoms, one may expect further upside in the near term. The next upside resistance to be watched around 22,300 and next 22,590 for the next one week. Key lower supports to be watched at 22,080 levels,” said Shetti.

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    Bank Nifty Prediction

    The Bank Nifty saw a consolidated rise throughout the session, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, but it was unable to close above the 48,000 barrier. The index must clearly overcome this threshold in order to maintain the rising trend, with the 48,500 level as the aim. If there is a decline towards this level, the 47,500–47,400 area provides support on the downside and would be a great place to start long positions.

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

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    Published: 15 May 2024, 07:06 AM IST

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