Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 19

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted opening 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 22,960 level, a discount of nearly 12 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market indices ended marginally lower, with the benchmark Nifty 50 holding above 22,900 level.

The Sensex fell 0.04% to close at 75,967.39, while the Nifty 50 settled 14.20 points, or 0.06%, lower at 22,945.30.

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

Sensex Prediction

Sensex took support near 75,500 and recovered to end Tuesday’s session 29.47 points lower at 75,967.39.

“The short-term texture of the market remains on the weak side. We are of the view that the current market texture is non-directional, but 75,500 will be the sacrosanct support zone for day traders. Above this zone, a pullback move could continue up to 76,000 - 76,300. On the other side, below 75,500, the sentiment could change. Below this zone, Sensex could retest the level of 75,200 - 75,000,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty 50 Prediction

Nifty 50 registered a marginal decline of 0.06% to end at 22,945.30 on February 18 .

“Nifty 50 witnessed another day of volatility as the index failed to take a clear direction. In the short term, Nifty 50 might remain a ‘sell on rise’ as long as it stays below 23,150. Support is placed at 22,800, and a fall below this level might trigger further correction. Immediate resistance is placed at 23,000,” said Rupak De, Senior Technical Analyst at LKP Securities.

Om Mehra, Technical Analyst, SAMCO Securities, noted that despite the subdued close, a dragonfly doji on the daily chart signals a potential trend reversal or at least an attempt to establish a stronger footing.

“Nifty 50 index has formed a base in the 22,800 - 22,900 zone. The daily RSI exhibits a positive divergence, which strengthens the probability of an upward move. Additionally, the momentum indicator ADX is rebounding from lower levels, suggesting a potential revival in trend strength. The 9 EMA (Exponential Moving Average), currently positioned around 23,140, coincides with the 38.2% Fibonacci retracement level, making it a pivotal resistance. A decisive breakout above this level could amplify bullish momentum,” said Mehra.

The support remains at 22,780. If market breadth improves, the prevailing ‘sell on rise’ strategy could shift to ‘buy on dip’ in the coming sessions, he added.

VLA Ambala, Co-Founder of Stock Market Today said that the Nifty 50 formed a Dragonfly Doji candlestick pattern at 22,800, a long-term support trendline.

“Amidst these trends and ongoing developments, Nifty 50 can find support between 22,940 and 22,800 and face resistance near 23,050 and 23,180,” Ambala said.

Bank Nifty Prediction

Bank Nifty declined 171.60 points, or 0.35%, to close at 49,087.30 on Tuesday, forming a Bullish Harami candlestick pattern near the support zone on the daily chart, signaling a potential reversal.

“Bank Nifty index appears to be forming a base around the 49,000 zone, as indicated by the closing levels of the past three sessions. This suggests that downside momentum may be slowing, with a potential attempt to stabilize. The 20-day moving average (DMA) is currently positioned around 49,800, and a breakout above this level would be a bullish outlook, potentially shifting momentum in favor of the bulls,” said Om Mehra.

However, Nifty Bank has yet to confirm a definitive bottom in the ongoing downtrend, the emerging base formation indicates that selling pressure may be easing. The support remains firm at 48,500, making it a crucial level for assessing downside risk, 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 making any investment decisions.