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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from stock market indices in trade on October 11
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Nifty 50, Sensex today: What to expect from stock market indices in trade on October 11

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 19,793 level as compared to the Nifty futures’ previous close of 19,746.

Nifty 50 formed a long bull candle on the daily chart, which indicates an attempt of an upside breakout of the hurdle after a small dipPremium
Nifty 50 formed a long bull candle on the daily chart, which indicates an attempt of an upside breakout of the hurdle after a small dip

The Indian stock market indices, Sensex and Nifty 50, are likely to extend gains and open on a higher note Wednesday following positive global cues.

The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading around 19,793 level as compared to the Nifty futures’ previous close of 19,746.

The domestic benchmark indices ended with sharp gains on Tuesday led by across the board buying. The Sensex jumped 567 points, or 0.87%, to close at 66,079.36, while the Nifty 50 ended 178 points, or 0.91%, higher at 19,689.85.

Nifty 50 formed a long bull candle on the daily chart, which indicates an attempt of an upside breakout of the hurdle after a small dip. The recent swing low of 19,333 could now be considered as a crucial bottom reversal pattern for the short term.

“Bullish inverted head and shoulder pattern was formed on the daily chart and the Nifty is currently placed at the neckline of the pattern at 19,700 levels. This is a positive indication and a decisive upside breakout could open a sharp upmove for the Nifty ahead," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Also Read: 5 things that changed for the stock market overnight - Gift Nifty to drop in US Treasury yields

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty

Nifty remained robust throughout the day as the bulls regained control. 

“On the hourly chart, the Nifty has broken out of an inverted head and shoulders pattern. In the short term, the index is expected to maintain its strength. A decisive move above 19,700 points could potentially propel the index towards the range of 19,850 to19,900," said Rupak De, Senior Technical analyst at LKP Securities.

The support level is situated at 19,600, he added.

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Bank Nifty

The Bank Nifty ended 474 points higher at 44,360 on Tuesday and formed a long bullish candlestick pattern on the daily charts.

“The bulls made a strong comeback, defending the support zone of 44,000-43,800, where fresh put writing is evident. The next immediate hurdle is positioned at 44,500, and a break above this level is expected to trigger further short covering, potentially pushing the index towards the 45,000 mark," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 11

Additionally, the momentum indicator RSI has provided a positive crossover, confirming a buy signal, he added.

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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Published: 11 Oct 2023, 07:38 AM IST
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