Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 10 after Narendra Modi sworn in as PM

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Sensex surged 1,618.85 points, or 2.16%, to close at 76,693.36, while the Nifty 50 settled 468.75 points, or 2.05%, higher at 23,290.15.Nifty 50 formed a long bull candle on the daily chart on Friday, that has reached the important upper trajectory of the upper part of Tuesday’s long bear candle at 23,200 levels. Also Read: Indian stock market: 7 key things that changed for market over weekend - Gift Nifty, Modi 3.0 to US nonfarm payrolls“Hence, the sharp fall of Tuesday (election result day) has been regained in just three sessions.

This is a positive indication. The short-term trend of Nifty continues to be positive," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.According to him, having reached the overhead resistance of around 23,300 - 23,400 levels, there is a possibility of minor dip in the market from the highs in the short term and that could be a buying opportunity.Here’s what to expect from Nifty 50 and Bank Nifty today:Nifty registered another significant upmove on June 7 and closed the day with sharp gains of around 2%.“The short-term trend looks very positive as the index closed near an all-time high.

Going forward, the market remains a buy on dips as long as 23,000 is not broken. On the higher end, the index might move towards 23,500 - 23,600," said Rupak De, Senior Technical Analyst, LKP Securities.On the lower end, he believes profit booking might occur only below 23,000.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 10V.L.A.

Ambala, Co-founder, Stock Market Today (SMT) suggests short-term traders remain cautious of the market movements in this new week. “Nifty’s technical indicator suggests the market valuation remains on the higher side,