Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 13

The Indian stock market indices, Sensex and Nifty 50, are expected to open lower on Monday tracking weak global market cues.

The trends on Gift Nifty also indicate a weak start for the Indian benchmark index. The Gift Nifty was trading around 22,080 level, a discount of nearly 60 points from the Nifty futures’ previous close.e a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,440 level, a discount of nearly 30 points from the Nifty futures’ previous close.

On Friday, the domestic equity benchmark indices ended higher, with the Nifty 50 holding above 22,000 level.

The Sensex gained 260.30 points to close at 72,664.47, while the Nifty 50 settled 97.70 points, or 0.44%, higher at 22,055.20.

Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadow.

“Technically, this pattern indicates temporary pause in the market after a sharp decline. Nifty placed at the crucial trend line support around 21,900 and still there is no indication of any higher bottom reversal pattern forming at the lows,” said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

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Nifty 50, on the weekly chart, formed a long negative candle with minor lower shadow.

“After the formation of long legged doji at new highs in the previous week, Nifty forming a long bear candle last week indicates negative bias. The crucial 10-week EMA (Exponential Moving Average) has been broken on the downside and Nifty is now nearing 20-week EMA around 21,850 levels,” Shetti added.

He believes the short-term trend of Nifty continues to be negative, but having placed at the key trend line support, there is a possibility of minor upside bounce in the short term.

According to him, the market could eventually break down the present support of 21,900 – 21,850 levels and could slide down to 22,700 – 22,600 in the near term.

Here’ what to expect from Nifty 50 and Bank Nifty today:

Nifty 50 Prediction

The Nifty 50 index shifted into a minor upside bounce on May 10 and closed the day higher by 97 points.

“On the daily chart, the index has broken down from the rising channel, indicating a rise in bearish sentiment. The trend is likely to remain weak in the near term, with resistance noted at 22,200. As long as the Nifty remains below this level, a strategy of selling on rallies may be favorable for traders,” said Rupak De, Senior Technical Analyst, LKP Securities.

According to him, support at the lower end is situated at 21,950 on a sustained basis and a decisive drop below this level could trigger panic in the market.

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VLA Ambala, Co-founder, Stock Market Today (SMT) is of the view that given the prevailing market conditions, a strategy of “sell on rise” might be more opportune than the traditional “buy on dip” for capturing directional movements in the index.

“For those considering positions in futures, it is recommended to safeguard these with options that expire at month-end. This allows traders to maintain their positions under defined risks without the need to exit in panic. This segmented approach provides clarity and focus on both the general market dynamics and specific trading strategies, making it easy for readers to find the information that’s most relevant to their interests,” Ambala said.

According to him, Nifty 50 has support at 21,820 and 21,700 levels, while resistance is seen at 22,050 and 22,180 levels.

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Bank Nifty Prediction

The Bank Nifty index ended 67 points lower at 47,421 on Friday, registering its eighth straight session of losses.

“The Bank Nifty index remained under the control of bears, encountering resistance at elevated levels. Immediate resistance for the Bank Nifty stands at 48,000, coinciding with the highest open interest on the call side. A breakthrough above this level could trigger fresh short-covering moves,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities/

On the downside, the index finds support at 47,050, represented by the 100-day exponential moving average (EMA). Sustaining above this level may pave the way for potential pullback moves in the index, Shah added.

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.