Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 10
The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 21,576 level as compared to the Nifty futures’ previous close of 21,629.
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On January 9, the domestic equity indices failed to hold intraday gains and ended marginally higher after as fag-end selling dragged indices from day’s high.
The Sensex closed at 71,386.21, up 31 points, or 0.04%, while the Nifty 50 settled at 21,544.85, higher by 32 points, or 0.15%.
Nifty formed a reasonable negative candle on the daily chart with upper shadow.
“Technically, this is a negative indication and signal occurrence of sharp weakness from the overhead hurdles around 21,750 levels. The Nifty has now started to visit the immediate support of 10-day EMA frequently, after showing minor upside bounces. The said moving average was intact for the past two months and a decisive break below this support at 21,500 could trigger more weakness ahead,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes the short-term trend of Nifty 50 remains weak and emergence of selling pressure at the lower highs around 21,750-21,850 levels indicate weak bias for the short term. Any upside bounce from here could encounter hurdles around 21,700 levels.
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Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty Predictions
The Nifty 50 index is still holding lower top formation and on daily charts, it has formed inside bar candle which indicates indecisiveness between the bulls and bears.
“Selling pressure is evident within the 21,700-21,750 zone, and 21,500 stands out as a crucial support level for Nifty. Any significant directional movement for Nifty hinges on two possibilities: achieving a closing above 21,750 to reclaim bullish momentum, or experiencing a close below 21,500, which could prompt additional selling pressure and potentially pull the Nifty index toward the 21,200 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Also Read: Buy or sell: Vaishali Parekh recommends buying these three stocks today – January 10
Bank Nifty Predictions
The Bank Nifty witnessed continued dominance by bears as selling pressure intensified from higher levels and the index ended 208 points lower at 47,243.
“The index is currently facing a strong hurdle at the 48,000 mark, where a significant buildup in open interest is observed on the call side. The immediate support for the index is positioned at the 47,000-46,900 levels. A breach below this support zone is likely to trigger aggressive selling pressure, potentially leading to further downside momentum,” Shah said.
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 taking any investment decisions.
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Published: 10 Jan 2024, 07:53 AM IST
