Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 16
Sensex gained 227.55 points to close at 72,050.38, while the Nifty 50 ended 70.70 points, or 0.32%, higher at 21,910.75. Nifty formed a small body type candle at the highs with minor upper and long lower shadow. Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US retail sales to spike in oil prices “Technically, this pattern indicates a formation of doji type candle pattern.
Such formations after a reasonable upmove or down moves signal impending trend reversals. Having formed this pattern after one day of upmove doesn't show any predictive value," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. According to Shetti, Nifty is currently placed at the edge of moving above the minor downtrend line resistance around 21,900 - 21,950 levels.
A decisive break above this hurdle could open the doors for new all time highs around 22,150 levels. Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty 50 shifted into follow-through upmove with range bound action on February 15 and closed the day higher by 70 points, above the resistance level of 21,850. “According to the daily chart, Nifty has experienced a consolidation breakout, indicating a positive shift in sentiment.
Additionally, the index has closed above the 20-DMA (20-day moving average) for the third consecutive session, and the RSI shows a bullish crossover. In the short term, there is a possibility of the index moving towards 22,200," said Rupak De, Senior Technical Analyst, LKP Securities. On the downside, he said that support was situated at 21,750.
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