Nifty 50, Sensex today: What to expect from Indian stock market in trade ahead of RBI policy on June 7
Sensex gained 692.27 points, or 0.93%, to close at 75,074.51, while the Nifty 50 settled 201.05 points, or 0.89%, higher at 22,821.40.Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, ECB rate cut to US jobless claimsNifty 50 formed a small positive candle on the daily chart with upper and lower shadow.“Technically, this pattern indicates a high wave type candle pattern, which displays ongoing high volatility in the market at the highs. Technically, such a high wave pattern after a reasonable upmove calls for a caution for impending reversal.
But, having formed this pattern after one day of upmove, the negative implication of this pattern could be less," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.He believes the short-term trend of Nifty continues to be positive amidst high volatility. Having moved above the hurdle of 22,250 levels (midpart of Tuesday’s long bear candle) recently, the Nifty could move towards the next upper hurdle of 23,200 (upper part of long bear candle) in the near term.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 7Here’s what to expect from Nifty 50 and Bank Nifty today:Regarding the Open Interest (OI) data, Mandar Bhojane, Research Analyst at Choice Broking noted that on the call side, the highest OI was observed at the 23,000 and 23,300 strike prices.
On the put side, the highest OI was at the 22,000 strike price.Nifty 50 index continued with follow-through upmove on June 6 and closed the day higher by 201 points.“The Nifty continued to rise after a bullish harami pattern formation on Wednesday on the daily timeframe. However, on Thursday, the index remained range-bound, oscillating
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