BackNifty 50, Sensex today: What to expect from stock market indices in trade on October 3
The trends on Gift Nifty also indicate a gap-down opening for the Indian benchmark index. The Gift Nifty was trading flat at around 19,576 level as compared to the Nifty futures’ previous close of 19,714.
PremiumThe Indian stock market indices are likely to open on a weak note Tuesday tracking negative global cues.
The trends on Gift Nifty also indicate a gap-down opening for the Indian benchmark index. The Gift Nifty was trading flat at around 19,576 level as compared to the Nifty futures’ previous close of 19,714.
On Friday, the domestic equity indices witnessed decent gains with the Nifty 50 closing at 19,638.30, up 115 points, or 0.59%, while the Sensex ending at 65,828.41, up 320 points, or 0.49%.
For the month of September, Nifty 50 gained 2% while the Sensex rose 1.5%.
Nifty 50 formed a small positive candle on the daily chart with a long upper shadow.
“Technically, this pattern indicates an inside day type candle formation. The last two sessions’ candle patterns are signaling a last engulfing pattern and also inside the day bar respectively. These two candle patterns could be a sigh of relief for bulls to hold on a crucial weekly support at 19,550 levels (10 week EMA) for the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The market has been stuck in a range of high low point of Thursday's long bear candle. Hence, a sustainable move above 19770 levels could bring bulls back into action. A slide below 19500 is expected to resume sharp selling momentum, he added.
Also Read: 6 things that changed for the stock market overnight - Gift Nifty to hawkish US Federal Reserve
Here’s what to expect from Nifty 50 and Bank Nifty today:
Nifty 50
Nifty 50 ended the month of September with gains, following a weak August closing.
“The recent selling pressure was halted around the 50EMA. However, we need to close above 19,750 to witness a decent rally over the short term. A close or sustained move above 19,750 might take Nifty on a ride towards 20,500-20,700," said Rupak De, Senior Technical analyst at LKP Securities.
However, on the flip side, he believes a fall below 19,470 might trigger the resumption of the downtrend.
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Bank Nifty
The Bank Nifty index closed 284 points higher at 44,585 on September 29. The index saw a resurgence in bullish momentum as the bulls successfully defended the key support level at 44,200.
“However, challenges persist as the 20-day moving average (20DMA) at 45,000 continues to act as a strong resistance. The index appears to be consolidating within a range, with levels of 44,200 on the downside and 45,000 on the upside defining this range. A decisive break on either side of this range will likely trigger fresh trending moves," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Shah believes the support at 44,200 is crucial and could determine the index’s near-term direction.
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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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