Nifty 50, Sensex today: What to expect from stock market indices in trade on October 9

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,648 level as compared to the Nifty futures’ previous close of 19,688.

The war between Israel and Hamas erupted over the weekend which is likely to weigh on the market sentiment.

The domestic benchmark indices ended over half a percent higher on Friday after the Reserve Bank of India (RBI) maintained status quo on policy rates and stance. The Nifty 50 closed at 19,653.50, up 108 points, while Sensex closed 364 points higher at 65,995.63.

Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadow. As per weekly chart, Nifty 50 formed a small bullish candle with a long lower shadow.

“This indicates a formation of a bullish hammer type candle pattern at the support of 20 week EMA (exponential moving average). Another 10 week EMA support has been regained after violating below it in the intra-week,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

He believes the short term trend of the Nifty 50 has turned positive and the overall positive chart pattern indicates next overhead resistance for the Nifty around 19,800 levels for the coming week.

Also Read: 5 things that changed for the stock market over the weekend – Gift Nifty to Israel-Hamas war

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

Nifty

Nifty ended the week with a modest gain despite the selling in the banking sector.

“Overall, sentiment is expected to stay positive as long as it maintains above the critical support level of 19,500, as put writers are likely to offer support at this level. On the upside, resistance is positioned around 19,750-19,800,” said Rupak De, Senior Technical analyst at LKP Securities.

A strategy of buying on dips would be favorable as long as it holds above 19,500, he added.

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Bank Nifty

The Bank Nifty index closed 147 points higher at 44,361 amid volatility on October 6.

“Bank Nifty struggled to regain ground above the ascending trendline on the daily chart, indicating a bearish trend in the banking sector. Additionally, the index has consistently remained below crucial moving averages, further confirming this weak trend,” noted Rupak De, Senior Technical analyst at LKP Securities.

Also Read: Indian stocks brace for Israel-Hamas war impact

Looking ahead, a significant breakthrough above 44,550 could potentially propel the index towards 45,000 and beyond, he added. On the downside, support is located at 44,200.

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Updated: 09 Oct 2023, 07:46 AM IST