Nifty 50 and Sensex today: The Indian stock market indices, Nifty 50 and Sensex are expected to open flat on Friday due to mixed global cues.
The Gift Nifty trends also point to a flat start for the Indian benchmark index. The Gift Nifty was trading around 18,975 compared to the previous close of the Nifty futures at 18,965.
On October 26, the domestic equity indices continued their losing streak for the sixth consecutive session, with the Nifty 50 reaching a 200-day EMA (exponential moving average) for the first time since April of this year.
On Thursday, the Sensex fell 900.91 points to 63,148.15, while the Nifty 50 fell 264.90 points, or 1.39%, to 18,857.25.
“Although the Nifty is located at key moving average supports, there is no indication of a reversal pattern developing at the lows.” In order to create a new lower bottom for the sequence, the market is searching for support on the daily chart, which still shows the negative pattern of lower tops and bottoms of larger degrees. “There is still no sign of a bottom forming at the lows,” Shetti commented.
He believes the Nifty 50’s short-term trend will remain negative. However, having entered the oversold zone, there is a chance of an upside bounce from the lows.
What to expect from the Nifty and Sensex today:
Nifty 50
The Nifty 50 index fell below 19,000 for the first time in four months, indicating a strengthening bearish trend.
In the current situation, support seems extremely flimsy and vulnerable. “The bearish crossover in the momentum indicator supports the negative momentum as well.” LKP Securities Senior Technical Analyst Rupak De stated, “Despite the recent significant decline, a further correction from the current level seems highly likely.”
According to him, support is located at 18,600-18,645, while resistance is located at 18,950-19,000.
Bank Nifty
For the third straight session, there was intense selling on the Bank Nifty index on Thursday, which resulted in a 552-point, or 1.29%, decline to close at 42,280.
The 200-day Exponential Moving Average (200EMA), which is currently set at 43,264, is being traded below by Bank Nifty. There is still a gloomy undercurrent in this situation. According to Kunal Shah, Senior Technical and derivative analyst at LKP Securities, “the next immediate support level on the downside is at 42,000, where fresh put writing is evident.”
He thinks that a breach below this mark might trigger additional drops that might aim for the 41,500–41,200 range.
