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

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Sensex closed 261.16 points higher at 66,428.09, while the Nifty 50 gained 79.75 points to end at 19,811.50. Nifty 50 formed a small negative candle on the daily chart with gap up opening and with small lower shadow. This market action indicates a gradual upside momentum in the market amidst a range movement.

Also Read: 7 things that changed for the stock market overnight - Gift Nifty to robust US retail sales “Smaller degree positive chart pattern like higher tops and higher bottoms is intact as per daily timeframe chart. Having formed a new higher bottom at 19,635 on 13th Oct, there is a possibility of Nifty moving above 19,850 levels in the coming session to form another higher top of the sequence," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. According to Shetti, the short term trend of Nifty continues to be positive with range bound action.

“Nifty is expected to face patchy road ahead on the upside, as it could encounter multiple resistances like 19,850 (previous swing high), 19,950 (up trend line hurdle) and 20,115 (previous opening down gap) in the near term," Shetti said. (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 50 and Bank Nifty today: “The short-term trend remains strong as the index sustains above critical moving averages on the daily timeframe. A "buy on dips" strategy is favored as long as it remains above 19,550.