Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 11?

The domestic equity benchmark indices, Sensex and Nifty 50, are likely to have a muted start on Wednesday, tracking mixed global cues.

The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading around 25,175.50 level, a premium of nearly 14.9 points from the Nifty futures’ previous close.

On Tuesday, the domestic equity market ended flat, with the benchmark Sensex snapping its four-day winning streak on profit booking, while the Nifty 50 holding above 25,100 level.

The Sensex fell 53.49 points, or 0.06%, to close at 82,391.72, while the Nifty 50 settled 1.05 points higher at 25,104.25.

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

Sensex Prediction

Sensex continued narrow range activity and ended lower by 53 points on Tuesday’ choppy session.

“Key support zones for traders include 82,000 and 82,100, while 82,400 - 82,600 would act as a key resistance area for the bulls. We are of the view that as long as Sensex trades between 82,000 and 82,600, range-bound textures are likely to continue. A successful breakout above 82,600 could push the index up to 83,000 - 83,200. On the other side, below 82,000, selling pressure is likely to accelerate. Below this level, Sensex could retest the level of 81,700 - 81,500,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Nifty OI Data

Nifty Open Interest (OI) data shows the highest concentration on the call side at the 25,200 and 25,300 strike prices, indicating strong resistance at these levels. On the put side, significant OI build-up is observed at the 25,000 and 24,900 strike prices, marking these as key support zones, said Hardik Matalia, Derivative Analyst at Choice Broking.

Nifty 50 Prediction

Nifty 50 shifted into a consolidation with positive bias in the last couple of sessions, and formed a small negative candle on the daily chart.

“After breaking above the hurdle at 25,000 levels, Nifty 50 was not able to gather momentum to witness a decisive upside breakout on Tuesday. Despite showing choppy movement in the short term, the near-term uptrend setup of Nifty 50 remains positive and a sustainable move above 25,200 levels could open the next upside towards 25,600 levels in the near term. Immediate support is placed at 25,000 - 24,900 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

Om Mehra, Technical Research Analyst, SAMCO Securities, said that the Nifty 50 index formed a daily candle strikingly similar to the previous session, with the open and high levels nearly identical, indicating continued hesitation near resistance.

“The session remained range-bound; however, the broader trend retained its positive traction. The 9 EMA has crossed above the 20 EMA, strengthening the bullish setup. The daily RSI remains steady at 61, indicating sustained momentum, while the MACD hovers near a potential bullish crossover. A mild pullback toward the 25,000 – 24,950 zone would be considered healthy within the uptrend. However, sustained weakness may only be seen if the index closes below 24,880,” Mehra said.

According to Dr. Praveen Dwarakanath, Vice President of Hedged.in, Nifty 50 formed a strong bearish candle engulfing its previous day’s high and low, indicating weakness in the index near its resistance of 25,200 level.

“The index has formed a bearish candle on the upper part of the Bollinger band; however, the closing was well below the upper Bollinger band, indicating weakness in the index. Immediate support for the index is at 24,800, where the 20-day moving average is placed. A reversal towards this support can be expected in the coming days,” said Dwarakanath.

VLA Ambala, Co-Founder of Stock Market Today said that the broader market retains its bullish undertone, with Nifty 50 touching 25,199 before consolidating sideways in the latest session.

“I advise accumulating on every 2-3% dip. Based on this momentum, we can expect Nifty 50 to gather support between 25,000 and 24,940 and meet resistance near 25,190 and 25,260,” Ambala said.

Bank Nifty Prediction

Bank Nifty index declined 210.50 points, or 0.37%, to close at 56,629.10 on June 10, forming a second consecutive small-bodied red candle, reflecting short-term hesitation after the recent sharp up move.

“Bank Nifty index holds firmly above all key moving averages, which keeps the broader trend supportive. The daily RSI stands at 66, indicating that momentum remains healthy. Additionally, the MACD has just entered positive territory. The overall trend remains neutral to bullish as long as the index sustains above the 56,000 mark,” said Om Mehra.

A decisive move above 57,050 could open the door for further gains. On the downside, any dip toward the 56,200 to 55,100 zone may act as a cushion and offer support during pullbacks, he added.

According to VLA Ambala, Bank Nifty could find support around 56,500 – 56,030 and meet resistance near 57,350 and 57,700 in today’s session.

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.