Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 8
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 21,765 level as compared to the Nifty futures’ previous close of 21,785.
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On Friday, the domestic benchmark equity indices ended with gains for the second consecutive session with the Nifty 50 holding above 21,700 level.
The Sensex closed 178.58 points higher at 72,026.15, while the Nifty 50 settled at 21,710.80, up 52.20 points, or 0.24%.
Nifty formed an identical open and close pattern on Friday (with an upper margin of 5 points), which indicates a type of doji pattern at the highs (not a classical one).
“Normally, doji formations at the highs call for caution for longs. But, the formation of this pattern amidst range movement, hence the sharp negative implication can’t be expected. The short-term uptrend status of Nifty remains intact, but the market is likely to find resistance around 21,800-21,850 levels in the coming sessions,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes a decisive move only above 21,850-21,900 levels could open the next upside target of 22,200 levels.
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Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Predictions
Nifty 50 is likely to remain volatile and expected to consolidate going ahead.
“Following a rapid rebound from its positional support at 21,500, bullish activity has resumed in the market, with buying interest evident during dips. The prevailing sentiment is bullish, but Nifty encounters initial resistance at 21,750, facing selling pressure. Immediate support rests at 21,600,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
According to Shah, a conclusive close above 21,750 levels could propel Nifty 50 towards the 22,000 mark, signaling further upward movement.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — January 8
Bank Nifty Predictions
The Bank Nifty index ended a volatile session 37 points lower at 48,159 on January 5.
“Exhibiting a robust recovery from the 47,500 support level, Bank Nifty showcases active bullish activity, rebounding from the 14-day moving average support at 47,800. A closing above 48,200 is crucial, as it could propel the index towards 48,500 and 48,800 levels,” Shah said.
The immediate support for Bank Nifty stands at 47,800, indicating a key level to monitor in the current market scenario, he added.
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: 08 Jan 2024, 07:41 AM IST
