Despite positive global trends, Sensex and Nifty 50 may see cautious movement as analysts flag resistance levels and selling pressure.
February 11, 2025: The Indian stock market is expected to witness a cautious opening on February 11, with benchmark indices Sensex and Nifty 50 struggling amid global cues and sustained selling pressure.
The Gift Nifty trends indicate a flat-to-positive start, with trading levels hovering around 23,480, a 20-point premium from the previous Nifty futures close.
Stock Market Performance on Monday
On February 10, the domestic equity market extended its losing streak for the fourth consecutive session.
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- Sensex dropped 548.39 points (0.70%) to close at 77,311.80.
- Nifty 50 declined 178.35 points (0.76%) to 23,381.60.
The formation of a strong bearish candle for four straight sessions signals that the index is struggling to sustain higher levels, analysts said.
Sensex Outlook & Key Resistance Levels
The market saw profit booking at higher levels, causing Sensex to drop significantly.
- A bearish candle on daily charts indicates further weakness unless the index breaks past 77,600 resistance.
- Analysts predict a retest of 76,700-76,500 levels if selling continues.
Nifty 50 Prediction & Open Interest (OI) Data
Nifty 50’s price action signals a potential pause in the rally, requiring further confirmation for a sustainable breakout.
- Call OI suggests strong resistance at 23,500-23,600 levels.
- Put OI data indicates key support at 23,300, making it a crucial level to watch.
If Nifty falls below 23,220, it could break its bullish higher tops and bottoms formation, leading to further downside pressure.
Bank Nifty Outlook
- Bank Nifty dropped 177.85 points (0.35%) to 49,981.00, forming a doji candle, indicating market indecisiveness.
- Immediate support is at 49,800—a break below this may push the index towards 49,200 (its 20-day moving average).
- Resistance is observed near 50,500 – 50,600, where call writing has increased, limiting upward momentum.
With Bank Nifty struggling below the 50- & 200-day EMAs, analysts suggest a range-bound movement unless there is a strong breakout.
Market Sentiment & Strategy
Experts advise traders to watch for confirmation signals before taking long positions, as market weakness persists. A recovery above key resistance levels may indicate bullish momentum, while further downside below crucial supports may deepen selling pressure.
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Stock Market, Sensex, Nifty 50, Bank Nifty, Stock Market Analysis, Market Trends, NSE, BSE, Indian Economy, Nifty Predictions