Nifty 50, Sensex Today: Indian Stock Market to Witness a Positive Opening on January 15.
The Indian stock market indices, Sensex and Nifty 50, are expected to open higher on Wednesday, January 15, 2025. This is while the global peers have been advancing. The trend on Gift Nifty indicates that the Indian benchmark index will make a positive opening. Gift Nifty was at the level of 23,303, close to a premium of nearly 31 points of the Nifty futures' last close.
Performance in the Markets on January 14
The Indian stock market ended higher on Tuesday, January 14, after four consecutive days of selling pressure. The Sensex rose 169.62 points or 0.22% to close at 76,499.63, while the Nifty 50 settled 90.10 points or 0.39% higher at 23,176.05.
Nifty 50 formed a small positive candle on the daily chart with a gap-up opening and a long upper shadow. This market action suggests an upside bounce with limited strength to sustain higher levels.
Technical Analysis and Key Resistance Levels
Nagaraj Shetti, a Senior Technical Research Analyst at HDFC Securities noted that the below-chart pattern with lower tops and bottoms is very much intact. He further indicated that the above upside bounce would possibly open one more lower top formation in the short term as well. Significant resistance is going to be 23,350 level and next will be resistance around 23,400 level.
Mandar Bhojane, Choice Broking research analyst said strong resistance on call side is noted at 23,400 and 23,500 levels and huge positions at put side noted at 23,000 and 22,900 levels thus these levels could be taken as key support zone.
Nifty 50 Predictions
Rupak De, Sr. Technical Analyst at LKP Securities, said the daily chart forms a Bullish Harami Cross pattern, which often suggests a short-term recovery. The Nifty, he said, is positive in the near term if it stays above 23,135. If it moves over 23,400, it may be looking for higher levels.
Dr. Praveen Dwarakanath, Vice President at Hedged.in, observed that Nifty 50 has formed an insider candle that means it was not decisive. Momentum indicators are still below the oversold region and hence a bounce could be possible. Options data has shown call writing at 23,200 and short covering of puts at 23,500, indicating mild bullishness.
VLA Ambala, Co-Founder of Stock Market Today, noticed a bullish hammer pattern in the daily chart and a gravestone doji pattern in intraday trading. Support is placed at 23,110 and 23,010 levels, but resistance is seen around 23,290 and 23,350. A breakdown of the psychological level of 23,000 may lead to selling.
Bank Nifty Prediction
Bank Nifty index jumps 687.90 points, or 1.43%, to 48,729.15. It ended the day in a bullish pattern in the daily candlestick pattern and rebounded off the critical support of 48,000 points.
"Still, some technical momentum indicators suggest the bank was in an oversold territory; therefore, upside can continue."
Options data in the monthly expiry also reported significant put writing on the 49,000-level strikes. "It has not weakened in spite of a certain level of sell-offs on some of these higher levels of strike prices.
The Indian stock market is expected to open on a positive note on January 15. Nifty 50 and Bank Nifty are showing some recovery signs. However, key resistance and support levels need to be closely monitored by traders for further market direction.
Disclaimer: The views and recommendations above are of individual analysts and not of ICFM. Investors are advised to consult certified experts before making investment decisions.
