Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 12

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Sensex gained 167.06 points, or 0.23%, to close at 71,595.49, while the Nifty 50 ended 64.55 points, or 0.3%, higher at 21,782.50. Nifty 50 formed a small body-positive candle on the daily chart with a minor lower shadow, which indicates an emergence of buying from the lower supports. “The market remained in a pattern of a one-day sharp decline and upside bounces in the subsequent days.

The Nifty is currently placed at the immediate support of the uptrend line around 21,550 - 21,600 levels. Positive chart patterns like higher tops and bottoms are intact and Friday’s low of 21,630 could be considered as a new higher bottom," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. According to him, the overall uptrend status of Nifty remains intact and there is a possibility of further upside towards 22,000 levels in the near term.

Any dips down to 21,600-21,500 levels could be a buying opportunity, he said. Also Read: Indian stock market: 5 key things that changed for market over weekend - Gift Nifty, oil prices to FPI outflows Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty 50 shifted into a sustainable upside bounce from the lows on Friday and closed with gains of 64 points. “Nifty found support at the 20-DMA (20-Day Moving Average) for the second day in a row.

The trend could weaken if it decisively drops below 21,690. A decisive fall below 21,690 may trigger a correction towards 21,500," said Rupak De, Senior Technical Analyst, LKP Securities. On the contrary, if it moves above 21,800, we might observe a recovery in the near term, he added.