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

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a muted note on Wednesday, tracking mixed global market cues.

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 22,550 level, a discount of nearly 14 points from the Nifty futures’ previous close.

On Tuesday, the domestic market indices ended flat, with the benchmark Nifty 50 settling near 22,500 level.

The Sensex eased 0.02% to close at 74,102.32, while the Nifty 50 settled 37.60 points, or 0.17%, higher at 22,497.90.

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

Sensex Prediction

Sensex witnessed a modest recovery from lower levels on Tuesday, but closed lower by 13 points

“As long as Sensex is trading above 73,700, the short-term outlook remains bullish. On the higher side, it could retest the levels of 74,500 – 74,700. Conversely, if Sensex falls below 73,700, the sentiment could change,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Below this level, he suggests traders may prefer to exit their long positions.

Nifty OI Data

Nifty Open Interest (OI) data shows the highest OI on the call side at the 22,600 and 22,700 strike prices, highlighting strong resistance levels. On the put side, OI is concentrated at the 22,400 strike price, marking it as a key support level, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 registered a modest gain of 0.17% to end at 22,497.90 on March 11, forming a bullish Marubozu candlestick pattern on the daily chart.

“Nifty 50 started the day with a gap down, following weak global cues. However, during the day, the sentiment remained positive. Overall, the sentiment remains positive for the very short term, supported by strong momentum in the RSI indicator and the index closing above the 50 EMA (Exponential Moving Average) on the hourly timeframe. In the very short term to short term, the index might continue its strength with the potential to reach 22,660 – 22,700,” said Rupak De, Senior Technical Analyst at LKP Securities.

Above 22,700, he believes the Nifty 50 might move towards 23,000, and on the lower end, support is placed at 22,400 on a sustained basis.

Om Mehra, Technical Analyst, SAMCO Securities, noted that the daily RSI stands at 40, indicating a lack of bullish momentum.

“However, a positive crossover in the daily MACD suggests the possibility of an upward move. Nifty 50 continues to trade without a clear direction in the broader trend. The range of 22,300 – 22,680 will be crucial in determining the next breakout, as a move beyond this zone could set the course for further action,” said Mehra.

According to him, the immediate support for Nifty 50 is positioned at 22,300, while a decisive close above 22,600 will be essential to confirm a sustained uptrend.

VLA Ambala, Co-Founder of Stock Market Today, highlighted that the Nifty 50 formed a bullish Marubozu candlestick pattern and tried to recover the level of 22,500, which acts as a key psychological support.

“If Nifty 50 falls below this level, it could trigger further bearish sentiment. Based on the market analysis, investors are advised to adopt the ‘sell on the rise’ strategy as prices can soon test the lows of February 2025. Amid these market developments, Nifty 50 can hover for support near 22,380 and 22,300 and meet resistance near 22,560 and 22,685 in the next intraday trading session,” Ambala said.

Bank Nifty Prediction

Bank Nifty index declined 362.85 points, or 0.75%, to end the session at 47,853.95 on Tuesday, and formed a Doji candlestick pattern on the daily charts.

“Bank Nifty index breached its previous swing low of 47,841 and touched an intraday low of 47,702.90. A gap-down opening, triggered by a sharp decline in IndusInd Bank stock, has further deteriorated the outlook. Bank Nifty has slipped below the 9 EMA. The daily RSI stands at 36, indicating a weak momentum. Unless the index reclaims 48,500 on a closing basis, till then short-term weakness is likely to persist,” said Om Mehra.

According to him, the key support levels for Bank Nifty index are positioned at 47,450, followed by 47,200.

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.