Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 18

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Sensex rose 181.87 points to close at 76,992.77, while the Nifty 50 settled 66.70 points, or 0.29%, higher at 23,465.60. Indian stock market was closed on Monday, June 17, for Eid ul-Adha 2024.

Nifty 50 formed a long legged doji on daily charts suggesting possibility of a reversal.Also Read: Indian stock market: 7 key things that changed for market overnight - Gift Nifty, Nasdaq’s record close to oil prices“An identical open and close were registered on Friday at 23,465 levels with the formation of a long lower shadow on the daily chart. This is indicating a formation of long legged doji type candle pattern at the new all-time highs.

Normally, such doji formations after a reasonable up move signals caution for impending trend reversal. But, having formed this pattern amidst range movement the chances of significant reversal pattern forming could be less," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.Nifty continued to show range bound action within 23,300 - 23,500 levels and still there is no early signs of any breakouts on either side.

According to Shetti, a decisive move above 23,500 levels is likely to open an upside breakout and a slide below 23,300 levels could mean a chance of downside breakout of the range movement in the near term.Also Read: Dividend stocks: 4 stocks to trade ex-dividend on June 18Here’s what to expect from Nifty 50 and Bank Nifty today:Nifty 50 continued to move into a narrow range movement with positive bias on Friday and the market closed the day higher by 66 points.“Nifty remained within the defined range of 23,300-23,500. The short-term sentiment is likely to remain more or less positive.