Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 14
Nifty OI Data
Coming to the Nifty Open Interest (OI) Data, on the call side, the highest OI is observed at 22,300 followed by 22,500 strike prices while on the put side, the highest OI is at 22,000 strike price, said Deven Mehata, Research Analyst, Choice Broking.
Nifty 50 Prediction
The Nifty 50 index gained 49 points to close above 22,100 level on May 13.
“The Nifty has formed a hammer pattern on the daily chart, indicating a potential bullish reversal following a correction. Additionally, the stock has found support around the previous swing low on the daily timeframe. However, the index’s recovery may encounter resistance in the 22,150 – 22,200 zone, and only a decisive move above 22,200 could trigger a stronger rally in the market,” said Rupak De, Senior Technical Analyst, LKP Securities.
On the lower end, he said that the support for Nifty was situated at 21,950 level.
Judging by the current levels, V.L.A. Ambala, Co-founder, Stock Market Today (SMT) is of the view that the next session can witness sectors like metals, FMCG, IT, and media taking center stage.
“It is likely that the Nifty would retest its 22,235 range, which is marked as a key resistance level. The index formed a ‘Double Top’ pattern, suggesting a bearish outlook in the short term, and it also found support from its previous support range, Neckline, at the 21,800 level. However, the index is currently in a high buying zone, with its current RSI being at 70 on the monthly timeframe,” said Ambala.
In this situation, he says, it will be wise to perceive the positional view as bearish and cover or hedge positions to protect capital.
Bank Nifty Prediction
The Bank Nifty index broke the 9 day losing streak to close with the gain of 333 points at 47,754.
“The Bank Nifty index saw a strong recovery from lower levels and managed to hold onto its support at the 100-day exponential moving average (EMA). There’s a potential for a pullback towards its 20-day moving average (DMA), positioned at 48,200,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
As long as the index maintains the support level of 47,200 on the downside, where bullish activity is evident, the index remains in a buy mode, Shah added.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Attention India. We advise investors to check with certified experts before making any investment decisions.