Nifty 50, Sensex today: What to expect from stock market indices in trade on October 19
Stock market indices: The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 19,568 level as compared to the Nifty futures’ previous close of 19,666.
The Indian market is likely to extend decline on Thursday tracking weak global cues as the Asian markets and US stocks fell.
The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 19,568 level as compared to the Nifty futures’ previous close of 19,666.
The equity market witnessed a sharp correction on Wednesday with both the benchmark indices ending in negative territory amid growing concerns about an escalation of the Israel-Hamas war.
The 30-share BSE Sensex closed 551.07 points lower at 65,877.02, while the NSE Nifty 50 declined 140.40 points to settle at 19,671.10.
Nifty 50 formed a long bear candle on the daily chart, which is indicating a double top type pattern at 19,840 levels as per daily chart. Nifty is placed within a broader high low range of 19,840-19,635 levels and is now placed at the edge of downside breakout of the lower range.
“The bullish positive chart pattern like higher tops and bottoms could be negated once Nifty slides below 19,630 levels in the short term. The daily 10 and 20 day EMA (exponential moving average) has been broken marginally on the downside around 19,700 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
According to Shetti, the short term trend of Nifty seems to have reversed down, after showing a range bound action.
Here’s what to expect from Nifty and Bank Nifty today:
Nifty 50
Bears remain at the helm as the Nifty 50 witnessed selling pressure throughout the day on October 18.
“The Nifty found resistance at 19,850, which led to a fall towards 19,650. Going forward, the index may witness a range-bound move until it breaks out in either direction. A fall below 19,650 might give bears more strength and the Nifty might fall down towards 19,250,” said Rupak De, Senior Technical analyst at LKP Securities.
On the higher end, he believes, a decisive move above 19,850 might open the way towards 20,200.
Bank Nifty
Bank Nifty also witnessed a sharp correction and fell 521 points or 1.2% to close at 43,889.
“The Bank Nifty index experienced a bearish phase, encountering strong resistance at 44,500, where the highest open interest is concentrated. The weak undertone in the market suggests a preference for selling on price rallies, and a breach of the 43,800 support level is expected to lead to further selling pressure,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
The index’s position below the 20DMA reinforces the bearish sentiment in the near term, he added.
With Thanks Reference to: https://www.livemint.com/market/stock-market-news/nifty-50-sensex-today-what-to-expect-from-stock-market-indices-in-trade-on-october-19-11697679420921.html
