Stock market today: What to expect from Nifty, Sensex, Bank Nifty today
The Indian equity benchmark indices are likely to open with gains in Tuesday following favourable cues from global peers.
The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading at around 19,333 level as compared to the Nifty futures’ previous close of 19,314.55.
On Monday, the frontline index Nifty ended 40 points higher after two consecutive sessions of decline.
Nifty formed a small positive candle on the daily chart with upper and lower shadow and with almost identical open and close.
“The said market action indicates a formation of a doji pattern, not a classical one. Normally, such doji formations after a reasonable upmove or down move indicates trend reversals. But, having formed this pattern beside the negative candle of Friday signal range bound action in the market,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Shetti believes the short term trend of Nifty remains weak.
Here’s what to expect from Nifty and Bank Nifty today:
Nifty
Nifty remained sideways throughout the day on Monday before closing with a Doji formation.
“Although the trend remains weak, the failure to fall below 19,245 on a closing basis may lead to a short-term pullback in the market. The RSI has shown a bullish crossover. Support is positioned at 19,245; a decisive breach below this level could attract significant selling pressure,” said Rupak De, Senior Technical analyst at LKP Securities.
On the higher end, resistance is observed at 19,450, he added.
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Bank Nifty
The Bank Nifty jumped 263 points to close at 44,495 which coincides with the 50-day EMA (exponential moving average). The index displays a robust bullish sentiment at the lower end of the range, with sustained buying interest.
“As long as the index maintains its hold above the key level of 44,000, which coincides with significant put open interest, the prevailing stance remains on the buy side,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
An immediate challenge for further upside movement is positioned at 44,500, he added.
“A successful breach of this level could trigger short covering and drive the index towards 45,000. This level is significant due to the highest open interest build up on the call side,” Shah said.
Check out key stock to watch out for today
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Updated: 29 Aug 2023, 07:49 AM IST
