Nifty 50, Sensex today: What to expect from stock market indices in trade on October 16

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Also Read: 6 things that changed for the stock market over the weekend - Gift Nifty to falling US consumer sentiment Here’s what to expect from Nifty and Bank Nifty today: On the weekly chart, Nifty formed a long bull candle at the lows, post hammer candle pattern of last week. “The bulls were able to protect the level of 19600 during the day, thanks to the strong open interest (OI) build-up at the 19,600 strike price by put writers. The strength may continue as long as the index remains above 19,600.

Only a decisive fall below 19,600 might trigger serious long unwinding in the market, till then a buy on dips strategy to favor the market," said Rupak De, Senior Technical analyst at LKP Securities. On the higher end, he believes resistance is visible at 19,850, and above 19,850, the index might move towards 20,000. (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 index dropped 311 points to end at 44,288 on Friday.

“In the Bank Nifty index, the ongoing battle between the bulls and bears continued. Resistance is established at the 44,700 mark, while the support lies at 44,000. The overall market sentiment remains bullish as long as the critical support at 44,000 holds, and a breach below this level, confirmed by a closing basis, may lead to renewed selling pressure," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.