Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 13
Sensex gained 149.98 points to close at 76,606.57, while the Nifty 50 settled 58.10 points, or 0.25%, higher at 23,322.95.Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US Fed policy to inflation dataNifty 50 formed a small negative candle on the daily chart with upper shadow. “Technically, this pattern signals a range bound action in the market at the crucial hurdle of around 23,400 - 23,500 levels.
Normally, such patterns eventually result in a dip below the range movement. The overhead resistance of key Fibonacci extension, opening upside gap of 4th June, upward sloping resistance line are intact around 23,400 - 23,500 levels.
As long as this hurdle is not taken out decisively on the upside, one can't rule out the possibility of a downward correction," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.According to him, immediate support is at 23,200 levels and a move below this area is likely to trigger a quick selloff in the market.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 13Here’s what to expect from Nifty 50 and Bank Nifty today:Analyzing the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 23,500 and 24,000 strike prices. On the put side, the highest OI was at the 23,200 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.Nifty 50 index continued to face resistance at the new highs and the choppy movement continued on June 13 and the index closed the day higher by 58 points.“The Nifty closed flat after a strong initial hour of trading, encountering resistance around 23,400.
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