Nifty 50, Sensx Today: What is expected from the Indian stock market in trade on 6 February after exiting Delhi

The Indian stock market benchmark indices, Sensex and Nifty 50, on Thursday are expected to open high between higher global market signals.

Gift Nifty’s trends also indicate a positive start for the Indian benchmark index. The gift Nifty was trading around 23,810 levels, a premium of about 35 points from the last bandh of the Nifty Futures.

On Wednesday, the domestic equity market was reduced, with the closing of the Nifty 50 below 23,700 levels.

Sensex 312.53 points, or 0.40%declined, closed at 78,271.28, while Nifty 50 42.95 points, or 0.18%, less at 23,696.30.

The Nifty 50 formed a recession candle on the daily chart, with a price of a 20-day, 50-day and 200-day exponential moving average (EMAs), which shut down, indicating a neutral for positive bias Is.

“Technically, after a positive opening, the market recorded an intraday selling pressure at a high level. However, the short -term texture of the market is still on the positive side. The formation of a small recession candle on the daily chart and lack of intraday activity indicates the continuity of non-directional motion in the near future, “Srikanth Chauhan, Head Equity Research, Kotak Securities said.

What to expect today from Sensex, Nifty 50 and Bank Nifty:

Sensex prediction

On Wednesday, Sensex ended 313 points at 78,271.28.

Srikanth Chauhan’s view is that the current market design is non-directional; Therefore, level-based trading day will be an ideal strategy for traders.

“On the negative side, there will be major support areas for 78,000 and 77,700 SensexWhile 78,700 – 78,900 can act as important resistance areas for traders. However, traders may prefer to get out of their long positions below 77,700, ”Chauhan said.

Nifty Oi Data

The Nifty Open Interest (OI) for monthly expiration suggests strong support on 23,500, followed by 23,300, the most focused on these levels. Inverted, the highest call OI is at 24,000, suggests significant resistance at this level. A decisive brakeout above 24,000 can trigger low coverings and fresh long positions, potentially run the higher level towards index, the choice of broking research analyst Mandar Bhojne said.

Finally, despite the formation of the recession candle, 23,500 can provide opportunities for the presence of major support and positive spirit in the broader market, especially if the Nifty manages to break through 50 resistance levels, especially if the Nifty manages to break through 50 resistance levels He said.

Nifty 50 prediction

The Nifty 50 integrated on 5 February and reduced the day by 42 points with a range bound action.

“A small red candle was formed on the daily chart, indicating a breath -type pattern after the fast -reverse breakout of the previous season. Nifty 50 Currently, the September and 24 December swing is placed on the barrier of the down-sloping trend line. The inherent trend of Nifty 50 remains positive. Bullish on the daily chart has begun to form high top and bottom pattern. Therefore, there may be an opportunity to buy any dip from here, ”said Nagraj Shetty, Senior Technical Research Analyst of HDFC Securities.

According to him, a decisive step above 23,800 may open the next reverse towards 24,100 – 24,200 levels, while immediate support is placed at 23,500 levels.

Om Mehra, Technical Analyst, SAMCO Securities, said that the Nifty lives above the 509 DMA and 20 DMA, indicating the underlying strength in the broader trend.

“India stands at VIX at 14.18, indicating low instability and enhances the possibilities of possible rebellion in coming sessions. The hourly chart retains a rapid structure, suggests a pullback towards 23,600–23,620 zone that can offer an attractive short-term purchase opportunity. The support is located at 23,550, which provides a firm base in the short term. Mehra said that the overall approach to the Nifty 50 is positive, with some possibility of consolidation, ”said Mehra.

Dr. According to Praveen Dwarkanath, the vice president of Hedged.in, the speed indicators on the hour chart are near the overbott area, indicating potential sales from the current level in the index.

“The Nifty 50 index is closed under the Bollinger Band on The Daily Chart, another closing above the Bollinger band can only show strength in the index. Immediate support for the index is at 23,250 level. Option author’s data for weekly termination increased the writing of calls at 23,700 and above levels, indicating resistance to the index at the present level, ”said Dwwkhanath.

Stock market co-founder VLA Ambala today suggested that the benchmark Nifty closed over its 200-and 50-day EMAS, indicating possible purchases for short and medium-term traders.

Ambala said, “Nifty can expect support level between 23,680 and 23,630 and can get resistance near 23,890 and 23,950 in today’s Intrade session.”

Bank nifty prediction

Bank Nifty concluded the session at 50,343.05, making a 0.37% lead on Wednesday, created a small candle candle on a daily time frame.

“The bank Nifty closed over the upper part of the Bollinger band with a dosy candle, indicating indecency in the index. Bank nifty The index took support from the upper part of the Bollinger band, however, not much increased during the day, indicated weakness in the rally. The Adx DI+ line continues above the Adx DI-line, indicating strength in the index, ”Dr. Praveen Dwarkanath said.

He said that the option writer’s data for monthly termination extended the writing of the call and placed at 50,500 levels, indicating the rangebound step in the index.

Om Mehra mentioned that the Bank Nifty Index formed a candle of a fugitive recession, indicating caution and a possible short -term pullback.

“Despite this, its position over 9 DMA and 20 DMA reflects the underlying flexibility in the moderate period. The support is placed around 49,700 – 49,800, while any pullback towards 50,000 can offer a purchase opportunity. Mehra said that resistance lives near 51,820, 50% of fibonacci aligns with retracement levels.

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