Nifty 50, Sensex on May 10: What to expect in trade today

The trends on Gift Nifty also indicate a gap-up start for the Indian benchmark index. The Gift Nifty was trading around 22,145 level, a premium of nearly 70 points from the Nifty futures’ previous close.

On Thursday, the domestic equity indices ended lower for the fifth straight session, with the Nifty 50 slipping below the 22,000 level.

The Sensex tanked 1,062.22 points, or 1.45%, to end at 72,404.17, while the Nifty 50 settled 345.00 points, or 1.55%, lower at 21,957.50.

Nifty 50 formed a long negative candle on the daily chart, which is reflecting a sharp downside momentum in the market. 

Also Read: Indian stock market: 7 key things that changed for market overnight – Gift Nifty, BoE policy to US jobless claims

“Having broken decisively below the immediate support of 22,300 levels on Thursday, Nifty is expected to slide down further in the short term. Nifty has been in a larger range movement of around 22,800 – 21,750 levels in the last couple of months and is currently nearing a lower range and also a crucial support around 21,750 levels for the short term,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes having bounced back decently from this support in the past, there is a higher probability of minor upside bounce from this lower support in the coming sessions.

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

Nifty OI Data

Analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 21,500 level, indicating potential support. On the Call side, significant OI concentrations are observed at the 22,200 and 22,300 levels, nearing all-time highs, said Mandar Bhojane, Research Analyst at Choice Broking.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 10

Nifty 50 Prediction

The Nifty 50 index witnessed a steep decline on May 9 and closed the day lower by 345 points near the day lows.

“Bears remained at the helm as the index fell sharply following a breakdown below 22,200, where significant Put writing had been visible. On the day of mayhem, the index kept breaking the supports as buyers did not buy the dips. The trend looks extremely weak with a possibility of a further fall in the near term,” said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, he believes immediate resistance is visible at 22,200. The market might remain a sell on rise until it stays below 22,200, he added.

Also Read: Stocks, Bonds Gain After $25 Billion Treasury Sale: Markets Wrap

Bank Nifty Prediction

The Bank Nifty index plunged 533 points, or 1.11%, to close at 47,488 on Thursday, its seventh consecutive session of fall.

“The Bank Nifty index remained under bearish pressure, breaching the crucial level of the 50-day exponential moving average (EMA) on a closing basis. The index is now eyeing its next immediate support at 47,400, and a breach below this level could intensify selling pressure towards the 47,050 mark, corresponding to the 100-day EMA. On the upside, the index faces immediate resistance at 48,000, where aggressive call writing is observed,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

A decisive breakthrough above this resistance level may trigger short-covering moves towards the 48,500 mark, Shah 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.

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Published: 10 May 2024, 07:23 AM IST

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