Nifty 50, Sensex today: What to expect from Indian stock market in trade on June 19

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Sensex gained 308.37 points to close at 77,301.14, while the Nifty 50 settled 92.30 points, or 0.39%, higher at 23,557.90.Nifty 50 formed a small negative candle at the highs on the daily chart with minor lower shadow.Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, Nvidia share rally to US retail sales“Technically, this pattern indicates formation of a doji pattern at the new highs (not a classical one). Normally, such doji formations after a reasonable upmove or at the new swing highs signal caution for longs at the highs.

But, having formed this pattern amidst a range movement, the negative prediction 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 with range bound action. Having sustained above the hurdle of 23,515 levels (1.382% Fibonacci extension), one may expect Nifty to move towards the next resistance of 1.786% Fib extension at 23,950 levels in the near term, he added.Here’s what to expect from Nifty 50 and Bank Nifty today:Regarding the Nifty Open Interest (OI) data, on the call side, the highest OI was observed at the 24,000 and 24,500 strike prices.

On the put side, the highest OI was at the 23,000 strike price, noted Mandar Bhojane, Research Analyst at Choice Broking.Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — June 19Nifty 50 saw a gradual upside momentum with range bound action on June 18 and closed the day higher by 92 points.“Following a strong start, the Nifty remained within a range as the index formed another day of muted movement on the daily chart. For the last few days, Nifty has been moving