The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 22,040 level as compared to the Nifty futures’ previous close of 22,019.
Nifty 50 seems to be consolidating at higher levels after facing resistance repeatedly in the 22,053 – 22,127 band over the past few days.
On February 7, the domestic equity benchmark indices shifted into a consolidation movement and ended flat.
The Sensex eased 34.09 points to close at 72,152.00, while the Nifty 50 settled 1.10 points, or 0.01%, higher at 21,930.50.
Nifty 50 formed a small negative candle on the daily chart with lower shadow.
“Technically, this action indicates choppy movement and the market is expecting RBI’s mid quarter policy outcome to show directional move. Nifty has been hitting the hurdle of previous crucial opening downside gap at 21,970 levels in the last few sessions, but a decisive upside breakout above this gap resistance is missing so far,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He believes the short-term trend of Nifty continues to be positive and there is a higher possibility of an upside breakout of 21,950 – 22,000 mark in the short term.
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50 Prediction
After showing a sustainable upside bounce from the intraday lows on Tuesday, Nifty shifted consolidated and closed flat on Wednesday.
“Bears exerted downward pressure on the Nifty after an initially positive start. Sentiment remained somewhat weak as the market closed. Support is positioned at 21,850, and a breach below this level could potentially initiate a correction towards 21,700,” said Rupak De, Senior Technical Analyst, LKP Securities.
On the upside, he said, resistance is identified at 22,000.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — February 8
Bank Nifty Prediction
The Bank Nifty index rose 128 points to end at 45,819 on February 7, snapping a three-day losing streak.
“The Bank Nifty index is currently witnessing an intense battle between bulls and bears, and a decisive move is anticipated soon. The lower-end support is situated in the 45,600 – 45,500 zone, and a conclusive break below this on a closing basis is expected to trigger a sharp correction,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Conversely, a break above the higher-end resistance at 46,200 could lead to substantial short-covering moves, propelling the index towards the 46,500 level, Shah added.
Read RBI MPC Meeting Live Updates here
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 taking any investment decisions.
Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!
Download The Mint News App to get Daily Market Updates.
Published: 08 Feb 2024, 07:19 AM IST