Nifty 50, Sensex today: What to expect from stock market indices in trade on November 16
The Indian stock market indices, Sensex and Nifty 50, are likely to extend gains and open higher tracking mixed global cues.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 19,750 level as compared to the Nifty futures’ previous close of 19,723.
The domestic benchmark equity indices ended sharply higher on Wednesday led by across the board buying amid positive global cues.
The Sensex jumped 742.06 points to end at 65,675.93, while the Nifty 50 settled 1.19% higher at 19,675.45.
Nifty 50 formed a small positive candle on the daily chart with a gap-up opening.
“Technically, this pattern indicates an attempt at an upside breakout of the crucial overhead resistance of around 19,550-19,600 levels (downsloping trend line). The opening upside gap remains unfilled,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He believes the short-term trend of the Nifty 50 remains positive.
“Having moved above the key resistance of around 19,600 levels, there is a possibility of Nifty advancing towards the next set of hurdles of around 19,850 and the next 20,050 levels in the near term,” Shetti added.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50
Nifty 50 has witnessed a robust upward movement, propelled by a strong global equity market sentiment.
“On the daily chart, the index has shown significant upward momentum after a consolidation phase, indicating an increase in optimism. The overall trend appears positive, with the index consistently maintaining levels above the critical moving average. Looking ahead, bullish sentiment is likely to persist as long as the index remains above 19,500,” said Rupak De, Senior Technical analyst at LKP Securities.
On the upper side, he believes resistance is anticipated in the range of 19,700 to 19,850.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 16
Bank Nifty
Bank Nifty exhibited a predominantly sideways movement and ended 310 points higher at 44,201 on November 15.
“Nevertheless, the index has consistently maintained its position above the crucial moving average on the daily chart, indicating a positive trend. Key support is situated at 44,000, and the sentiment is expected to stay optimistic as long as it remains above this level. On the upside, there is a potential movement towards 44,750,” De 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.
