Nifty 50, Sensex today: What to expect from stock market indices in trade on October 10

livemint.com:

Sensex and Nifty 50, ended sharply lower on Monday, snapping a two-day winning run, as the ongoing Israel-Palestine war spooked investors. The Nifty 50 fell 141 points to close at 19,512.35 and the Sensex ended 483 points lower at 65,512.39. Nifty 50 formed a small negative candle on the daily chart with upper shadow.

“Technically this pattern indicates a lower top formation for the stock price with sell on rise opportunity. This is a negative indication and one may expect some more weakness for the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. The formation of a bullish hammer candle pattern of last week as per weekly timeframe chart is still intact, he added.

Also Read: 5 things that changed for the stock market overnight - Gift Nifty to dovish US Federal Reserve Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty 50declined as investors shifted to a risk-off mode due to geopolitical tensions in the Middle East. “From a technical standpoint, on the hourly chart, the 200SMA (placed around 19,670) acted as a significant resistance during Friday's trading session, resulting in a decline in the index. On the downside, support is found in the range of 19,480 to 19,430," said Rupak De, Senior Technical analyst at LKP Securities.

He believes the market may continue to exhibit a ‘sell on the rise’ sentiment until Nifty surpasses the 19,700 level. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The Bank Nifty witnessed selling pressure and ended 474 points lower at 43,887 on Monday. “The Bank Nifty continues to decline as the index remains below the critical 44,000 level.