Nifty 50, Sensex today: What to expect from stock market indices in trade on October 12

livemint.com:

BSE Sensex closed 393.69 points higher at 66,473.05, while the broader NSE Nifty 50 climbed 121.50 points to 19,811.35. Nifty 50 formed a reasonable bullish candle on the daily chart with minor upper shadow indicating an upside continuation pattern. Also Read: 5 things that changed for the stock market overnight - Gift Nifty to US Fed meeting minutes “Nifty witnessed minor upside breakout of the immediate resistance of around 19,700-19,750 levels, with gap up opening and the present upside gap could be considered as a bullish breakaway gap.

Minor degree positive chart pattern like higher tops and bottoms observed on the daily timeframe chart," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the short term trend for Nifty 50 continues to be positive, while a decisive move above 19,800 levels is likely to pull Nifty towards the next upside levels of 20,000-20,200 in the near term. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) Here’s what to expect from Nifty and Bank Nifty today:: The bullish sentiment prevailed in the Nifty 50 index on Wednesday.

“On the hourly chart, the Nifty has moved above the 200-period Simple Moving Average (SMA) following a breakout from an inverted head and shoulders pattern. In the short term, the index is likely to maintain its momentum. On the upside, it could potentially approach the 20,000 level," said Rupak De, Senior Technical analyst at LKP Securities.