Nifty 50, Sensex today: What to expect from stock market indices in trade on October 11
Sensex jumped 567 points, or 0.87%, to close at 66,079.36, while the Nifty 50 ended 178 points, or 0.91%, higher at 19,689.85. Nifty 50 formed a long bull candle on the daily chart, which indicates an attempt of an upside breakout of the hurdle after a small dip. The recent swing low of 19,333 could now be considered as a crucial bottom reversal pattern for the short term.
“Bullish inverted head and shoulder pattern was formed on the daily chart and the Nifty is currently placed at the neckline of the pattern at 19,700 levels. This is a positive indication and a decisive upside breakout could open a sharp upmove for the Nifty ahead," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Also Read: 5 things that changed for the stock market overnight - Gift Nifty to drop in US Treasury yields Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty remained robust throughout the day as the bulls regained control.
“On the hourly chart, the Nifty has broken out of an inverted head and shoulders pattern. In the short term, the index is expected to maintain its strength. A decisive move above 19,700 points could potentially propel the index towards the range of 19,850 to19,900," said Rupak De, Senior Technical analyst at LKP Securities.
The support level is situated at 19,600, he added. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The Bank Nifty ended 474 points higher at 44,360 on Tuesday and formed a long bullish candlestick pattern on the daily charts. “The bulls made a strong comeback, defending the support zone of 44,000-43,800, where fresh put writing is evident.
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