Nifty 50, Sensex today: What to expect from stock market indices in trade on October 6
Also Read: 6 things that changed for the stock market overnight - Gift Nifty, RBI Policy expectations to pause in US dollar rally “The opening downside gap of Wednesday and the opening upside gap of Thursday are unfilled, which is indicating a formation of bullish 'island reversal' type pattern as per hourly/daily timeframe chart. This is a positive indication for the short term and it opens a potential upside pattern target of 19,726 levels for the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. The broader negative chart pattern like lower tops and bottoms is intact as per daily timeframe chart and further upside from here could open chances of new lower top formation, he added.
(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Here’s what to expect from Nifty 50 and bank Nifty today: The Nifty has shown an upward movement following a hammer formation on the daily timeframe. “There is a hidden positive divergence observed on the daily RSI. The strength of the trend is expected to persist as long as the index stays above 19,430.
On the upper side, resistance is placed around 19,600, which may act as immediate resistance. A decisive move above 19,600 could propel the index to higher levels," said Rupak De, Senior Technical analyst at LKP Securities. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 6 The Bank Nifty index ended with gains of 249 points at 44,213 on Thursday.
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