BackNifty 50, Sensex today: What to expect from stock market indices in trade on September 26
The trends on Gift Nifty also indicate a lower start for the Indian benchmark index. The Gift Nifty was trading at around 19,655 level as compared to the Nifty futures’ previous close of 19,704.75.
PremiumThe Indian stock market indices Sensex and Nifty 50 are expected to open lower Tuesday amid mixed global cues.
The trends on Gift Nifty also indicate a lower start for the Indian benchmark index. The Gift Nifty was trading at around 19,655 level as compared to the Nifty futures’ previous close of 19,704.75.
On Monday, the domestic equity indices ended flat amid volatility with the Sensex closing above 66,000 level and the Nifty 50 settling at 19,674.55.
Nifty formed a small body candle on the daily chart with upper and lower shadow. The opening and close were almost identical for the day.
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“The present chart pattern indicates a formation of doji type candle patterns at the swing lows. Normally, such doji formations after a reasonable decline alerts for a bounce back from the lows. A sustainable positive close in the subsequent session is likely to confirm an upside bounce for the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
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Here’s what to expect from stock market indices Nifty 50 and Sensex today:
Nifty 50
Nifty 50 is currently placed near the support of 20 week EMA (exponential moving average) around 19,580 levels.
“The index remained volatile before closing with a doji pattern on the daily timeframe. This suggests a possible pause in the prevailing bearish trend. From here, the market might consolidate a bit before starting a new trend," said Rupak De, Senior Technical analyst at LKP Securities.
Support on the lower end is pegged at 19,600; a fall below 19,600 might initiate fresh shorts, he said, adding that on the higher end, resistance is placed at 19,755.
Also Read: Day trading guide for today: Six stocks to buy or sell on Tuesday — September 26
Bank Nifty
The Bank Nifty index snapped four-day weakness and ended 154 points higher at 44,766.
“The Bank Nifty index experienced a brief respite following a four-day sell-off, with buyers gaining traction from lower levels. However, the index continues to trade below its 20-day moving average (20-DMA), which is currently positioned at 45,000. A close above this level would signal a potential resumption of the upward momentum," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 26
On the downside, the lower-end support now rests within the 44,500 to 44,000 zone. A breach below this support range could result in additional selling pressure on the index," Shah added.
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