Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 16

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Sensex fell 117.58 points, or 0.16%, to close at 72,987.03, while the Nifty 50 settled 17.30 points, or 0.08%, lower at 22,200.55. Nifty 50 formed a small negative candle on the daily chart with a minor upper and lower shadow. Also Read: Indian stock market: 10 key things that changed for market overnight - Gift Nifty, US inflation to weak dollar “Technically, this pattern signals choppy movement in the market at the hurdle.

Normally, such high wave type candle pattern formation after a sharp decline calls for a caution for impending reversal. But having bounced back from the lows recently, the significant negative pattern is not expected," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short-term trend of Nifty continues to be up and further consolidation or minor dip in the market is expected before showing further upmove.

A sustainable move above the immediate resistance of 22,300 levels is likely to open the doors for the higher target of 22,600 levels in the near term, Shetti added. Here’s what to expect from Nifty 50 and Bank Nifty today: An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,000 level, implying potential support at this level. On the call side, significant OI concentrations are observed at the 22,500 and 22,600 levels, nearing all-time highs, said Mandar Bhojane, Research Analyst at Choice Broking.