Nifty 50, Sensex today: What to expect from Indian stock market in trade on May 21
Sensex rose 88.91 points, or 0.12%, to close at 74,005.94, while the Nifty 50 settled 35.90 points, or 0.16%, higher at 22,502.00. The Indian stock market was shut on Monday on account of the Lok Sabha elections in Mumbai. Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nasdaq at record high to oil prices Nifty 50 formed a small range candle on the daily chart, which indicates an uptrend continuation pattern.
“Bullish candlestick pattern like Piercing line type pattern was formed on the Nifty weekly chart, which is indicating more upside for the market ahead. Larger range bound pattern of around 22,800 - 21,750 has come into play this week. Having moved up from near the lower range of 21,750 levels in this week," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
He expects Nifty 50 to move towards the upper range of 22,800 levels in the next 1-2 weeks. Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 continued the upside momentum with range bound action on the special trading session of Saturday, May 18, and closed the day higher by 35 points. “The Nifty remains within the channel, closing above 22,500 for the first time in several days.
However, a small bodied candle on the daily chart suggests very little about the future direction of the price. Additionally, heavy writing is visible in both Call and Put at the 22,500 strike, indicating a sense of inflection. Therefore, traders need to be watchful in the initial hour to confirm any directional move," said Rupak De, Senior Technical Analyst, LKP Securities.
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