Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 20
Sensex gained 281.52 points to close at 72,708.16, while the Nifty 50 settled 81.55 points, or 0.37%, higher at 22,122.25. Nifty 50 formed a small positive candle on the daily chart with upper and lower shadow. “Technically, this pattern indicates the formation of a high wave or doji type candle pattern.
Having formed this pattern after a reasonable upside and at the key overhead resistance indicates chances of consolidation or minor dip in the market for a short term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the near-term trend of Nifty remains positive. But the market is displaying lack of strength to witness a decisive upside breakout of the resistance around 22,150 - 22,200 levels.
Further consolidation or minor dip can't be ruled out in the coming sessions, Shetti added. Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty to China’s lending rate cut Here’s what to expect from Nifty 50 and Bank Nifty today: The call side displayed the highest Open Interest (OI) at 22,500, followed by the 22,600 strike prices. On the put side, the maximum OI was observed at the 22,000 strike price.
The benchmark index Nifty 50 closed the day higher by 81 points on February 19, after zooming into a new all-time high of 22,186 levels. “Nifty has surpassed the swing high on the hourly chart, signaling an increase in optimism. Additionally, the consolidation observed in recent days has concluded with an upside breakout.
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