Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 10

The trends connected Gift Nifty besides bespeak a gap-up commencement for the Indian benchmark index. The Gift Nifty was trading astir 22,145 level, a premium of astir 70 points from the Nifty futures’ erstwhile close.

On Thursday, the home equity indices ended little for the 5th consecutive session, with the Nifty 50 slipping beneath the 22,000 level.

The Sensex tanked 1,062.22 points, oregon 1.45%, to extremity astatine 72,404.17, portion the Nifty 50 settled 345.00 points, oregon 1.55%, little astatine 21,957.50.

Nifty 50 formed a agelong antagonistic candle connected the regular chart, which is reflecting a crisp downside momentum successful the market. 

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“Having breached decisively beneath the contiguous enactment of 22,300 levels connected Thursday, Nifty is expected to descent down further successful the abbreviated term. Nifty has been successful a larger scope question of astir 22,800 - 21,750 levels successful the past mates of months and is presently nearing a little scope and besides a important enactment astir 21,750 levels for the abbreviated term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes having bounced backmost decently from this enactment successful the past, determination is simply a higher probability of insignificant upside bounce from this little enactment successful the coming sessions.

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

Nifty OI Data

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

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Nifty 50 Prediction

The Nifty 50 scale witnessed a steep diminution connected May 9 and closed the time little by 345 points adjacent the time lows.

“Bears remained astatine the helm arsenic the scale fell sharply pursuing a breakdown beneath 22,200, wherever important Put penning had been visible. On the time of mayhem, the scale kept breaking the supports arsenic buyers did not bargain the dips. The inclination looks highly anemic with a anticipation of a further autumn successful the adjacent term," said Rupak De, Senior Technical Analyst, LKP Securities.

On the higher end, helium believes contiguous absorption is disposable astatine 22,200. The marketplace mightiness stay a merchantability connected emergence until it stays beneath 22,200, helium added.

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Bank Nifty Prediction

The Bank Nifty scale plunged 533 points, oregon 1.11%, to adjacent astatine 47,488 connected Thursday, its seventh consecutive league of fall.

“The Bank Nifty scale remained nether bearish pressure, breaching the important level of the 50-day exponential moving mean (EMA) connected a closing basis. The scale is present eyeing its adjacent contiguous enactment astatine 47,400, and a breach beneath this level could intensify selling unit towards the 47,050 mark, corresponding to the 100-day EMA. On the upside, the scale faces contiguous absorption astatine 48,000, wherever assertive telephone penning is observed," said Kunal Shah, Senior Technical & Derivative Analyst astatine LKP Securities.

A decisive breakthrough supra this absorption level whitethorn trigger short-covering moves towards the 48,500 mark, Shah added.

Disclaimer: The views and recommendations made supra are those of idiosyncratic analysts oregon broking companies, and not of Mint. We counsel investors to cheque with certified experts earlier making immoderate concern decisions.

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Published: 10 May 2024, 07:23 AM IST