Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 14

livemint.com:

Sensex gained 204.33 points to close at 76,810.90, while the Nifty 50 settled 75.95 points, or 0.33%, higher at 23,398.90.Nifty 50 formed a small negative candle on the daily chart at the highs with minor lower shadow.Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, US jobless claims to treasury yields“This market action indicates typical sideways range movement in the market in the last four sessions. The larger degree positive pattern like higher tops and bottoms is intact as per daily chart and the market is currently placed to form a new higher top," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.According to Shetti, the short-term trend of Nifty continues to be a range bound with positive bias.

Previously, such sideways range movements at the higher tops have eventually resulted in a downward correction in the market from the highs. V.L.A Ambala, Co-Founder of SMT is of the view that the current consolidation range of Nifty and its relatively high valuation point to a stable market but selective with quality stocks available at discounted price points in current all-time high market scenarios for low risk.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 14Here’s what to expect from Nifty 50 and Bank Nifty today:Analysing the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 23,500 and 23,700 strike prices.