Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 10

Mint

3 days ago

The domestic equity benchmark indices, Sensex and Nifty 50, are likely to open higher on Tuesday, tracking gains in global markets.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 25,248 level, a premium of nearly 66 points from the Nifty futures' previous close.
On Monday, the domestic equity market extended gains to the fourth consecutive session, with the benchmark Nifty 50 closing above the 25,100 level.
The Sensex gained 256.22 points, or 0.31%, to close at 82,445.21, while the Nifty 50 settled 100.15 points, or 0.40%, higher at 25,103.20.
Here's what to expect from Sensex, Nifty 50 and Bank Nifty today:
Sensex has formed a small candle on daily charts, suggesting indecisiveness between the bulls and the bears.
'We are of the view that 82,000 would act as a sacrosanct support zone for trend-following traders. As long as Sensex is trading above this level, the uptrend is likely to continue. On the higher side, it could move up to 82,800 - 83,000. On the flip side, falling below 82,000 would render the uptrend vulnerable,' said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Nifty Open Interest (OI) data shows the highest concentration on the call side at the 25,200 and 25,300 strike prices, indicating strong resistance at these levels. On the put side, significant OI build-up is observed at the 25,000 and 24,900 strike prices, marking these as key support zones, said Hardik Matalia, Derivative Analyst at Choice Broking.
Nifty 50 shifted into a consolidation with positive bias on June 9 and closed the day higher by 100 points.
'A small red candle was formed on the daily chart that has moved above the broader high low range of the last couple of weeks around 24,500 - 25,000 levels. Nifty 50 is presently stuck at the immediate hurdle of 25,200 levels and there is a higher possibility that the hurdle could be taken out on the upside soon,' said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.
According to him, the underlying trend of Nifty 50 remains positive, and a sustainable move above 25,200 could open the next upside towards 25,600 levels in the near term. Immediate support is placed at 24,900 levels.
Om Mehra, Technical Research Analyst, SAMCO Securities said that the Nifty 50 index formed a small-bodied red candle after testing the resistance zone near 25,160, signalling slight hesitation. The intraday high of 25,160.10 and a close slightly below the VWAP (25,113) indicate mild profit booking at higher levels.
'The index is now trading well above all key moving averages, confirming that the bulls remain in control over the broader term. The daily RSI stands at 61, reflecting a neutral stance, while the MACD fast line is gradually improving from lower levels. A decisive close above 25,160 could push the index towards the 25,260 – 25,320 zone. On the downside, immediate support lies at 24,880, followed by the 50-day simple moving average (SMA) at 24,806, which may act as a broader cushion,' Mehra said.
A dip towards these levels may present buying opportunities unless it is breached decisively, he added.
VLA Ambala, Co-Founder of Stock Market Today, noted that the Nifty 50 closed near the 25,000 mark, breaking past a key resistance level for the June series.
'Nifty 50 formed a small bearish belt hold candlestick on the daily chart, indicating mild profit booking or hesitation. We can expect Nifty 50 to find immediate support between 25,030 and 24,980 and face resistance near 25,230 and 25,320 in today's intraday move,' Ambala said.
Bank Nifty index rallied 261.20 points, or 0.46%, to close at 56,839.60 on Monday, after hitting a fresh record high of 57,049.50 during the session.
'Bank Nifty index formed a bearish candle after an intraday breakout, reflecting mild profit booking near the psychological mark and horizontal resistance zone. Although the intraday session was muted, the broader structure remains strong as the index continues to hold above all key moving averages. The breakout from the ascending triangle pattern on the daily chart remains valid unless the breakout base near 56,100 is breached,' said Om Mehra.
The RSI stands at 69, with a positive slope and a recently confirmed bullish divergence that strengthens the upside bias. Meanwhile, the MACD has just triggered a fresh bullish crossover above the zero line, a development that often precedes sustained directional moves, he added.
'The immediate zone to watch on the upside remains 57,200. A decisive close above this may unlock potential towards 57,500 - 57,750, aligning with Fibonacci projections. On the downside, the breakout zone of 56,100 – 56,200 now acts as the first support band. A deeper dip could find a cushion near the 55,800 zone,' said Mehra.
Bajaj Broking Research said that the Bank Nifty index formed a small bear candle with a higher high and higher low and a bullish gap below its base (56,695 - 56,792), signaling positive bias and continuation of the up move post breaking above the upper band of the last 6 weeks range (56,000 - 53,500).
'We expect the index to maintain positive bias and head higher towards 57,300 and 57,700 levels in the near term. The short-term structure remains constructive with immediate support placed at 55,900 levels being the Friday's breakout area. While key support is placed at 55,400 - 55,500 levels being the confluence of 20 days EMA and key retracement area,' Bajaj Broking Research said.
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