Today’s Nifty 50 and Sensex: What to Expect from Stock Market Indices on October 9

The Sensex and Nifty 50 indexes in India are set to begin lower on Monday, mirroring mixed indications from global counterparts amid escalating geopolitical concerns in the Middle East.

Gift Nifty indicators also point to a slow start for the Indian benchmark index. The Gift Nifty was trading at 19,648 levels, compared to the previous closing of the Nifty futures at 19,688.

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The weekend fighting between Israel and Hamas erupted, which is expected to weigh on market sentiment.

Domestic benchmark indexes finished more than 0.5 per cent higher on Friday as the Reserve Bank of India (RBI) kept policy rates and outlook unchanged. The Nifty 50 concluded 108 points higher at 19,653.50, while the Sensex closed 364 points higher at 65,995.63.

On the daily chart, the Nifty 50 made a little positive candle with a minor upper and lower shadow. Nifty 50 made a tiny bullish candle with a long lower shadow on the weekly chart.

“A bullish hammer-type candle pattern has formed at the support of the 20-week EMA (exponential moving average).” “Another 10-week EMA support has been re-established after falling below it during the week,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

He feels the Nifty 50’s short-term trend has turned positive, and the overall bullish chart pattern implies that the Nifty will face upward resistance around 19,800 levels in the next week.

Today’s Nifty 50 and Bank Nifty movements are as follows:

Nifty

Despite the selling in the banking sector, the Nifty concluded the week with a slight gain.

“Overall, sentiment should remain positive as long as it remains above the critical support level of 19,500, as put writers are likely to offer support at this level.” On the upside, resistance is located between 19,750 and 19,800,” stated Rupak De, Senior Technical Analyst at LKP Securities.

He noted that purchasing on dips would be a good idea as long as it stayed over 19,500.

The Bank Nifty

On October 6, the Bank Nifty index finished 147 points higher at 44,361 amid volatility.

“On the daily chart, Bank Nifty struggled to regain ground above the ascending trendline, indicating a bearish trend in the banking sector.” Furthermore, the index has repeatedly maintained below critical moving averages, confirming the negative trend,” said Rupak De, Senior Technical analyst at LKP Securities.

Looking forward, a big break over 44,550 may take the index to 45,000 and beyond, he said. Support is placed at 44,200 on the downside.

Disclaimer: The opinions and recommendations shown above are those of individual analysts or brokerage firms, not KhabroTak. Before making any financial decisions, we recommend that investors consult with competent specialists.

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