Nifty 50, Sensex today: What to expect from stock market indices in trade on November 6
- The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 19,455 level as compared to the Nifty futures’ previous close of 19,296.
Stock market today: The Indian stock market is likely to see a strong opening on Monday tracking positive global cues amid a rally in Asian markets and US stocks.
The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 19,455 level as compared to the Nifty futures’ previous close of 19,296.
The domestic equity benchmark indices extended gains for the second consecutive session on November 3, with the Nifty 50 closing above 19,200 level.
The Sensex closed 282.88 points higher at 64,363.78, while the Nifty 50 gained 97.35 points to settle at 19,230.60 on Friday.
Nifty 50 formed a small negative candle on the daily chart with gap up opening and with minor upper and lower shadow. Technically, such formations are considered as a high wave type candle pattern.
“Such market action indicates confusion state of mind among market participants at the highs. Nifty is currently placed at the edge of strong overhead resistance around 19,200-19,300 levels as per change in polarity principle. Still there is no confirmation of any decisive upside breakout of the hurdle,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
On the weekly chart, Nifty 50 formed a reasonable positive candle after the formation of a long negative candle last week.
“The short-term trend of Nifty remains positive, having shown range bound movement near the crucial hurdles, there is a possibility of further consolidation or minor weakness in the short term before surging through the hurdle,” Shetti added.
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Here’s what to expect from Nifty and Bank Nifty today:
Nifty 50
The Nifty 50 index snapped its two-week losing streak and gained nearly one percent last week.
“After a gap up opening (on Friday) Nifty 50 faced resistance around 19,250-19,300 levels and we can see maximum put writing at 19,200 levels which may act as strong support for Nifty 50 while we can see maximum open interest in 19,300 call option so, one should only be bullish on Nifty 50 if it closes above its crucial 100 days moving average placed at 19,300,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Arvinder Singh Nanda, Senior Vice President, of Master Capital Services expects Nifty 50 to trade in the range of 19,000 to 19,300 with sideways to positive bias.
“With the validation aforementioned trading band, buy the dip will remain in favor. A decisive breakthrough of upper range value will take such an advance for 19,500, while on the downside, a sustainable fall below the psychological mark 19,000 will trigger more selling for 18,800-18,700,” Nanda said.
Bank Nifty
The Bank Nifty index rose 301 points to close at 43,318 on November 3.
“The Bank Nifty index had a strong opening but went into consolidation at higher levels. It encountered difficulty surpassing the immediate resistance level of 43,500, where a significant amount of call writing was observed. The lower-end support for the index is situated at 42,800, and a breach below this level could intensify selling pressure.” Shah said.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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