Nifty 50, Sensex today: What to expect from stock market indices in trade on November 23

The Indian stock market indices, Sensex and Nifty 50, are expected to open on a tepid note Thursday amid mixed global cues. The trends on Gift Nifty also indicate a flat start for the Indian benchmark index. The Gift Nifty was trading around 19,897 level as compared to the Nifty futures’ previous close of 19,886.

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On Wednesday, the domestic benchmark indices ended marginally higher.

The Sensex closed 92.47 points higher at 66,023.24, while the Nifty 50 settled 28.45 points, or 0.14%, higher at 19,811.85.

Nifty 50 formed a small positive candle on the daily chart with a long lower shadow. 

“Technically, this pattern indicates a formation of hanging man type formation, which is a bearish reversal pattern. But, having formed this pattern amidst a range movement, the predictive value could be less,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

He believes the short- term trend of Nifty remains range bound with positive bias, while a decisive move above 19,850-19,900 levels is expected to open sharp upside towards new all-time highs.

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Here’s what to expect from Nifty and Bank Nifty today:

Nifty 50

The Nifty traded sideways for most of the session except for the last hour, during which it recovered from the day's low on Wednesday.

“The overall sentiment remains positive as the index has held above the crucial support level of 19,500. Resistance is positioned at 19,850 on the higher end; a breakthrough could potentially propel the Nifty towards the 20,200 mark,” said Rupak De, Senior Technical analyst at LKP Securities.

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Bank Nifty

The Bank Nifty index fell 240 points to end at 43,450 on November 22.

“The Bank Nifty index experienced persistent selling pressure, resulting in a decline of 0.52%, accompanied by significant volumes. However, the index successfully maintained the crucial support zone of 43,300-43,200, and a breach below this level could pave the way for further downside,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

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On the upside, immediate resistance is positioned at 43,600-43,700, and a breakthrough above this range is expected to initiate moves toward the 44,000 level, where the highest open interest is concentrated on the call side, he added.

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