Today’s Nifty 50 and Sensex: The Indian stock market indices are expected to begin higher on Tuesday, matching advances in Asian rivals, despite investors remaining wary of the Israel-Palestine conflict.
Gift Nifty indicators also point to a gap-up start for the Indian benchmark index. The Gift Nifty was trading at the 19,615 mark, compared to the previous close of the Nifty futures at 19,522.
Today’s Nifty 50 and Sensex: The local market indices, the Sensex and Nifty 50, finished substantially lower on Monday, interrupting a two-day winning streak, as investors were rattled by the ongoing Israel-Palestine conflict. The Nifty 50 finished 141 points lower at 19,512.35, while the Sensex finished 483 points worse at 65,512.39.
On the daily chart, Nifty 50 created a tiny negative candle with an upper shadow.
Technically, this pattern suggests that there is a sell-on-rise opportunity for the stock price and a lower top formation. This is a bad sign, and there may be further deterioration in the near future, according to HDFC Securities’ Nagaraj Shetti, a technical research analyst.
According to a weekly period chart, the bullish hammer candle pattern that formed last week is still in force, he added
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50
Nifty 50 declined as investors shifted to a risk-off mode due to geopolitical tensions in the Middle East.
“From a technical standpoint, on the hourly chart, the 200SMA (placed around 19,670) acted as a significant resistance during Friday’s trading session, resulting in a decline in the index. On the downside, support is found in the range of 19,480 to 19,430,” said Rupak De, Senior Technical Analyst at LKP Securities.
He expects the market would remain in a ‘ sell on the rise’ mode till the Nifty crosses the 19,700 level.
The Bank Nifty
On Monday, the Bank Nifty experienced selling pressure and finished 474 points lower at 43,887.
“The Bank Nifty continues to fall, remaining below the critical 44,000 level.” Short-term weakness is projected to linger as the index remains below the critical moving average,” said De.
He believes immediate support is located at 43,800 – 43,500 on the lower end, with resistance at 44,000 on the upper end.
