Stock Market Today: Sensex, Nifty 50 to Open Cautiously Amid Global Cues; Key Levels to Watch

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.

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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.

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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.