Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 13
Sensex gained 260.30 points to close at 72,664.47, while the Nifty 50 settled 97.70 points, or 0.44%, higher at 22,055.20. Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadow. “Technically, this pattern indicates temporary pause in the market after a sharp decline.
Nifty placed at the crucial trend line support around 21,900 and still there is no indication of any higher bottom reversal pattern forming at the lows," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Also Read: Indian stock market: 8 key things that changed for market over weekend - Gift Nifty, US consumer sentiment to China CPI Nifty 50, on the weekly chart, formed a long negative candle with minor lower shadow. “After the formation of long legged doji at new highs in the previous week, Nifty forming a long bear candle last week indicates negative bias.
The crucial 10-week EMA (Exponential Moving Average) has been broken on the downside and Nifty is now nearing 20-week EMA around 21,850 levels," Shetti added. He believes the short-term trend of Nifty continues to be negative, but having placed at the key trend line support, there is a possibility of minor upside bounce in the short term. According to him, the market could eventually break down the present support of 21,900 - 21,850 levels and could slide down to 22,700 - 22,600 in the near term.
Here’ what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 index shifted into a minor upside bounce on May 10 and closed the day higher by 97 points. “On the daily chart, the index has broken down from the rising channel, indicating a rise in bearish sentiment. The trend is likely to remain weak in the near term, with resistance noted at
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