Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 13

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open higher on Thursday, tracking positive global market cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 22,567 level, a premium of nearly 37 points from the Nifty futures’ previous close.

On Wednesday, the domestic equity market indices ended lower, with the benchmark Nifty 50 closing below 22,500 level.

The Sensex fell 72.56 points, or 0.10%, to close at 74,029.76, while the Nifty 50 settled 27.40 points, or 0.12%, lower at 22,470.50.

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

Sensex Prediction

Sensex witnessed a volatile trading session on March 12 and ended down by 73 points at 74,029.76.

“Technically, after a positive opening, the market corrected sharply. However, Sensex took support near 73,500 once again and reversed. We believe that the current market texture is volatile and non-directional; hence, level-based trading would be the ideal strategy for day traders. For traders now, 73,500 would act as a sacrosanct support zone. Above this level, Sensex could move up to 74,500 - 74,700,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.

On the flip side, he believes a drop below 73,700 would make the uptrend vulnerable.

Nifty OI Data

Nifty Open Interest (OI) data shows the highest OI on the call side at the 22,500 and 22,600 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 witnessed yet another lower recovery on March 12 and closed the day lower by 27 points at 22,470.50, forming a bearish daily candle.

“A small negative candle was formed on the daily chart with a long lower shadow. Technically, this market action indicates an emergence of buying from near the lower support of 22,300 levels and the market is struck at the hurdle of around 22,600 - 22,700 levels,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

According to him, the underlying trend of Nifty 50 is range bound and a decisive move above 22,700 levels could open further upside towards 23,200 levels. However, immediate support is placed at 22,300 levels.

Om Mehra, Technical analyst, SAMCO Securities, noted that the Nifty 50 index has been oscillating between 22,314 – 22,578 over the past couple of sessions, reflecting indecisiveness.

“The daily RSI remains near the 40 zone, indicating a lack of bullish momentum. Nifty 50 faced resistance near the 38.2% Fibonacci retracement level at 22,660, aligning with the daily supertrend indicator. However, the index holds above the 9-EMA (Exponential Moving Average) at 22,400, providing near-term stability. The index maintains a neutral stance as it hovers around the middle Bollinger Band on the daily chart,” Mehra said.

The support for Nifty 50 is placed at 22,300, with the next cushion at 22,220 if selling pressure intensifies. A decisive close above 22,600 will be crucial to confirm a sustained uptrend, he added.

“Nifty 50 formed a long-legged doji candlestick pattern during Wednesday’s session, with its RSI standing at 40 in the daily chart and 55 in the weekly chart, making the market more suitable for the sell-on-rise strategy. According to the market analysis, Nifty 50 could find support near 22,385 and 22,270 and meet resistance near 22,570 and 22,690,” said VLA Ambala, Co-Founder of Stock Market Today.

Bank Nifty Prediction

Bank Nifty index gained 202.70 points, or 0.42%, to end Wednesday’s session at 48,056.65, but continues to hover around the 48,000 zone without a clear directional trend.

“Technically, the Bank Nifty index formed a green candle on the daily scale and defended the key support level of 47,840. As long as the index holds above 47,840, a relief rally remains possible. On the upside, 48,800 will act as a key hurdle for Bank Nifty. However, a sustained break below 47,840 could lead to further weakness,” said Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C. Mehta Investment Interrmediates Ltd. (A Pantomath Group Company).

Om Mehra highlighted that the daily RSI remains below 40, while the MACD continues to signal a negative crossover, reflecting weak momentum.

“The 9-EMA at 48,380 serves as immediate resistance, and a breakout above this level is crucial to trigger a meaningful pullback. On the downside, support is placed at 47,700, with a potential decline toward 47,500, if breached,” said Mehra.

The banking sector showed a mixed response, with the Nifty Private Bank index closing in positive territory while the Nifty PSU Bank index ended lower. Nifty Bank may undergo further time correction before establishing a decisive trend, 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.