Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 9
Sensex fell 45.46 points, or 0.06%, to close at 73,466.39, while the Nifty 50 settled flat at 22,302.50. Nifty 50 formed a small positive candle on the daily chart with minor lower and upper shadows. Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, rise in US bond yields to oil prices “Technically, this pattern indicates a formation of high wave type candle pattern, Normally, such high wave formation after a reasonable decline indicates chances of an upside bounce.
The positive chart pattern like higher tops and bottoms is intact as per daily timeframe chart and presently the market is in an attempt of new higher bottom formation. We need confirmation of upside bounce in subsequent sessions to consider this as a higher bottom reversal pattern," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the short-term trend remains weak, but the market is showing signs of higher bottom formation around 22,200 levels.
Confirmation of reversal from here could open short-term upside bounce in the market. Here’s what to expect from Nifty 50 and Bank Nifty today: Commenting on the Nifty Open Interest (OI) Data, Deven Mehta, Research Analyst at Choice Broking said, on the call side, the highest OI observed at 22,500 followed by 22,700 strike prices while on the put side, the highest OI is at 22,000 strike price. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — May 9 The Nifty 50 index shifted into an upside bounce from the lower levels on Wednesday and closed the day on a flat note.
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