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

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Sensex surged 759.49 points, or 1.05%, to end at 73,327.94, while the Nifty 50 ended 202.90 points, or 0.93%, higher at 22,097.45. Nifty 50 formed a reasonable positive candle on the daily chart with gap up opening and with lower shadow. Technically, this pattern indicates confirmation of sharp upside breakout of the important hurdle.

Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, oil prices to trade deficit “If Monday's opening upside gap remains unfilled at 21,900 levels for the next 2-3 sessions, then that gap could be considered as a bullish runaway gap, which are normally formed in the middle of the sustainable uptrends," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short-term trend of Nifty continues to be positive. The next upside levels to be watched are around 22,200-22,300.

Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty bulls maintained their momentum, propelling the index to new highs beyond the 22,000 mark. “The major support for the index is situated at the 21,800 level, and a breach below this would be essential to negate the prevailing trend. The next immediate upside targets for the index are positioned at 22,200/22,300 levels.