Nifty 50 and Sensex: What to Expect from the Indian Stock Market on June 11
The domestic benchmark indices, Sensex and Nifty 50, are likely to see a positive start on Tuesday amid mixed global cues.
The trends on Gift Nifty also indicate a start for the Indian benchmark index. The Gift Nifty was trading around 23,279.50 level, a premium of nearly 50 points from the Nifty futures’ previous close (23,230.00).
The Sensex and Nifty 50 closed lower on Monday, pulled down by IT stocks on fears about US interest rate cuts, dropping from record highs achieved at the start as markets took a break following a dramatic post-election rise.
The NSE Nifty 50 index fell 0.13% to 23,259.20, while the S&P BSE Sensex ended 0.27% down at 76,490.08. Both benchmarks grew approximately 0.5% at the start and reached record highs before relinquishing gains.
Vinod Nair, Head of Research at Geojit Financial Services, stated that the Indian market currently lacks new catalysts following the creation of the new government at the centre, implying that some consolidation may occur in the near future. Institutional flows show a mixed trend, with FIIs steadily covering their short positions and DIIs taking profits when the market reached historic highs.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
The Nifty 50 surged to a new all-time high of 23,411.90, but eventually settled at 23,259.20, marking a modest decline of 0.13% at the end of the trading session.
According to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, the Nifty 50 Index faced resistance at higher levels and was unable to close over 23,300. The index finds immediate support in the 23,000-22,900 region, with a fall below this level likely to result in heavy selling pressure. In the short term, the index is projected to stabilise within a broad range of 23,000 to 23,500.
Bank Nifty Prediction
The Bank Nifty concluded the session at 49,780.90, slightly down by 0.04%. On the daily chart, it formed a Gravestone Doji in the daily chart. There might be a potential weakness if the index slips below 49,650, which could test the 49,300-49,150 levels. However, the primary trend remains strong. The daily RSI is at 56, indicating a balanced momentum. The index needs to sustain above the 50,000 mark for the uptrend to resume, according to Om Mehra, Technical Analyst, SAMCO Securities.
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