Nifty 50, Sensex today: What to expect from the Indian stock market in trading on May 13?

Indian stock market indices, Sensex and Nifty 50 are expected to open with losses on Monday in view of weak global market cues.

GIFT Nifty trends also indicate a weak start for the Indian benchmark indices. GIFT Nifty was trading around 22,080 levels, which is a discount of about 60 points from the previous close of Nifty futures. Slow start for Indian benchmark indices. GIFT Nifty was trading around 19,440 levels, about 30 points lower than the previous close of Nifty futures.

Domestic equity benchmark indices closed higher on Friday, with Nifty 50 above the 22,000 level.

The Sensex closed 260.30 points higher at 72,664.47, while the Nifty 50 closed 97.70 points or 0.44% higher at 22,055.20.

Nifty 50 formed a small positive candle with minor upper and lower shadows on the daily chart.

“Technically, this pattern indicates a temporary pause in the market after a sharp decline. Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities, said, Nifty is at important trend line support around 21,900 and there is still no sign of any higher reversal pattern forming at lower levels.

Also read: Indian Stock Market: 8 key things that changed for the market over the weekend – US consumer sentiment to GIFT Nifty, China CPI

On the weekly chart Nifty 50 formed a long negative candle with a slight lower shadow.

“After forming a long legged doji at new highs last week, Nifty formed a long bear candle last week indicating a negative bias. Shetty said, the important 10-week EMA (Exponential Moving Average) has been broken on the downside and Nifty is now close to the 20-week EMA 21,850 level.

He believes that the short-term trend of Nifty remains negative, but there is a possibility of a minor bounce in the short term as it is at key trend line support.

According to him, the market may eventually break the current support of 21,900 – 21,850 levels and drop down to 22,700 – 22,600 in the near term.

What to expect from Nifty 50 and Bank Nifty today:

nifty 50 prediction

The Nifty 50 index turned marginally higher on May 10 and closed the day up 97 points.

“On the daily chart, the index has broken out of the rising channel, indicating increased bearish sentiment. The trend is likely to remain weak in the near term, with resistance noted at 22,200. As long as Nifty remains below this level, selling strategy on rallies may be favorable for traders,” said Rupak Dey, senior technical analyst at LKP Securities.

According to him, the lower level support lies at 21,950 on a sustained basis and a decisive fall below this level could create panic in the market.

Also read: 'Market expects positive end of elections'

VLA Ambala, Co-Founder, Stock Market Today (SMT) is of the view that given the current market conditions, a “sell on rise” strategy may be more appropriate than the traditional “buy on dips” to capture directional movements. Is. Index.

“Those who are considering future positions are recommended to secure these with options expiring at the end of the month. This allows traders to maintain their positions under defined risks without the need to exit in panic. This segmented approach provides clarity and focus on both general market dynamics and specific trading strategies, making it easier for readers to find the information that is most relevant to their interests,” Ambala said.

According to him, Nifty 50 has support at the levels of 21,820 and 21,700, while resistance is visible at the levels of 22,050 and 22,180.

Also read: Stock Market Today: Eight stocks under F&O ban list on May 13

bank nifty prediction

The Bank Nifty index closed 67 points lower at 47,421 on Friday, registering its eighth consecutive session of losses.

“Bank Nifty index remained under the control of bears and faced resistance at higher levels. The immediate resistance for Bank Nifty is at 48,000, which coincides with the highest open interest on the call side. A break above this level could trigger fresh short-covering moves,” said Kunal Shah, senior technical and derivatives analyst at LKP Securities.

On the downside, the index finds support at 47,050, represented by the 100-day exponential moving average (EMA). Shah said that sustaining above this level could pave the way for a possible fall in the index.

Disclaimer: The views and recommendations given above are those of individual analysts or broking companies and not of Mint. We recommend investors to check with certified experts before taking any investment decision.

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