Nifty 50, Sensex today: What to expect from Indian stock market in trade on October 15

Indian stock market benchmark indices, Sensex and Nifty 50, are likely to see a muted opening on Tuesday amid mixed cues from global peers.

The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 25,240 level, a premium of nearly 5 points from the Nifty futures’ previous close.

On Monday, the domestic equity benchmark indices ended higher, with the Nifty 50 reclaiming 25,100 level.

The Sensex rallied 591.69 points to close at 81,973.05, while the Nifty 50 settled 163.70 points, or 0.66%, higher at 25,127.95.

Nifty 50 formed a long bull candle on the daily chart, which is indicating an attempt of upside breakout of smaller range movement.

“Having moved within a broader high low range of 25,200 - 24,700 levels in the last 3-4 sessions, Nifty 50 has bounced back and is now placed near the upper range of 25,200 levels. A sustainable move above the upper range of 25,200 levels could be considered as an upside breakout of the key hurdle and that could eventually pull Nifty 50 towards the next resistance of 25,500 - 25,600 levels in the near term,” said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

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

Nifty 50 Prediction

Nifty 50 shifted into a sustainable upside bounce on October 14 and closed the day higher by 163 points.

“Nifty moved up after a brief consolidation on the daily chart, suggesting a rise in optimism. The sentiment remains strong as the index reclaimed 50-EMA (Exponential Moving Average) on the daily timeframe. On the higher end, strength might continue to take the Nifty 50 towards 25,350 / 25,400. On the lower end, support is seen at 24,900,” said Rupak De, Senior Technical Analyst, LKP Securities.

Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas observed that on the daily charts, the Nifty 50 resumed its upmove towards 25,500 after a brief three-day consolidation.

“Hourly momentum indicator has a positive crossover which is a buy signal. Thus, we expect the positive momentum to continue over the next few trading sessions towards 25,234 – 25,360. Support base shifts higher towards 24,920,” Gedia said.

VLA Ambala, Co-Founder of Stock Market Today notes that Nifty’s RSI is at 47 on the daily, 60 on the weekly, and 76 on the monthly timeframe, forming a Bullish Belt Hold candlestick pattern.

“I am optimistic about the cooling of the prices, as the development could create fresh short-buying opportunities. Amid these market situations, the Nifty index can expect support levels near 25,080 and 25,000 with resistance near 25,210 and 25,300,” Ambala said.

Bank Nifty Prediction

Bank Nifty index outperformed the frontliners and ended 644.60 points, or 1.26%, higher at 51,816.90, forming a bullish candle on daily scale.

“Bank Nifty broke out of a three day consolidation on the upside and is now inching towards 52,500 which coincides with the 20 day average. Support base shifts higher towards 51,400 – 51,500,” said Jatin Gedia.

Chandan Taparia, Head – Equity Derivatives and Technicals, Wealth Management, MOFSL noted that the Bank Nifty formed a bullish candle on daily scale and gave a range breakout on daily scale above 51,750 zones.

“Now it has to hold above 51,500 zones for a bounce towards 52,350 then 52,500 zones while on the downside support is seen at 51,500 then 51,250 levels,” Taparia said.

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