Nifty 50, Sensex today: What to expect from stock market indices in trade on October 5 | Mint
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Business News/ Markets / Stock Markets/  Nifty 50, Sensex today: What to expect from stock market indices in trade on October 5
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Nifty 50, Sensex today: What to expect from stock market indices in trade on October 5

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 19,496 level as compared to the Nifty futures’ previous close of 19,478.

Nifty 50 formed a small candle on the daily chart with almost identical open and close and with long lower shadow. Premium
Nifty 50 formed a small candle on the daily chart with almost identical open and close and with long lower shadow.

The Indian stock market indices are likely to open flat with a positive bias on Thursday following gains in global peers.

The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 19,496 level as compared to the Nifty futures’ previous close of 19,478.

The domestic equity indices extended declines for the second consecutive session on Wednesday dragged by weak global cues.

The Sensex closed with a loss of 286 points at 65,226.04, while the Nifty 50 ended the day down 93 points at 19,436.10.

Nifty 50 formed a small candle on the daily chart with almost identical open and close and with long lower shadow. 

Also Read: 5 things that changed for the stock market overnight - Gift Nifty to easing crude oil prices

“Technically, this pattern indicates a formation of doji or hammer type candle pattern. Normally, formation of such patterns after a reasonable decline or at the key supports alert for a comeback bulls from the lower levels, after the confirmation. Hence, a sustainable close above 19,500 levels is expected to confirm short term upside bounce for the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Shetti believes the short term trend of Nifty remains negative, while the formation of doji/hammer type candle pattern near the support indicates chances of an upside bounce in the short term. 

Also Read: Day trading guide for today: Five stocks to buy or sell on Thursday — October 5

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

Nifty

The Nifty remained volatile throughout the day but managed to recover from the lowest point of the day before closing on Wednesday.

“The overall market trend remains bearish, with the Nifty trading below critical moving averages. Looking ahead, the market may continue to follow a bearish trend as long as it remains below 19,500, with initial support likely around 19,330, a fall below the said level might take the Nifty towards 19,250-19,200," said Rupak De, Senior Technical analyst at LKP Securities.

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Bank Nifty

The Bank Nifty index declined 435 points to 43,964 on Wednesday, ending below the 44,000 level for the first time since September.

“The bears in the Bank Nifty maintained their control, causing the index to break below the support at 44,200. The next immediate support level is positioned at 43,800, and a breach below this level could trigger aggressive selling pressure, potentially leading to a further 2% correction in the index," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 5

On the upside, according to Shah, the immediate resistance is in the range of 44,250 to 44,300.

“A breakout above this range may incite some short-covering moves in the index," said Shah.

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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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Published: 05 Oct 2023, 08:09 AM IST
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