Today’s Nifty 50 and Sensex: Following weak global cues, the Indian equity market is projected to open lower on Friday.
Gift Nifty indicators also indicate that the Indian benchmark index starts with a gap down. The Gift Nifty was trading around 19,520, compared to the previous close of the Nifty futures at 19,616.
The domestic benchmark indices finished lower for the second consecutive session on Thursday due to volatility. The Sensex fell 247.78 points to 65,629.24, while the Nifty 50 fell 46.40 points to 19,624.70.
On the daily chart, the Nifty 50 made a small positive candle with an upper shadow.
Technically, this market action indicates the emergence of buying interest from lower levels.” With a movement that is range-bound, the overall chart pattern is still unattractive. The further decline from here, the Nifty finds support around 19,480-19,450 levels, and any positive comeback from here may hit resistance around 19,700 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.
According to him, a strong break over this level might push the Nifty towards another resistance level of 19,850.
Here’s what to expect from the Nifty and Bank Nifty today:
Nifty
The Nifty fell below the consolidation range low of 19,650 and closed the day below it.
However, he expects that failing to move over 19,650 will result in further selling pressure.
Bank Nifty
On October 19, Bank Nifty experienced selling pressure and finished 134 points lower at 43,755.
The ongoing conflict between the bulls and the bears was evident throughout the sideways consolidation that the Bank Nifty index was still going through. While support is located at 43,500, the index currently encounters immediate opposition at the 44,000 level. Significant trending changes are anticipated to result from a clear breakout from either side of this range, according to Kunal Shah, Senior Technical and derivative analyst at LKP Securities.
Shah claims that the general attitude toward the Bank Nifty is still leaning toward a “sell on rise” strategy, which suggests that traders are more likely to sell the index during price increases.
