Nifty 50, Sensex today: What to expect from stock market indices in trade on October 26
Sensex closed 522.82 points lower at 64,049.06, while the Nifty 50 ended at 19,122.15, down 159.60 points, or 0.83%. Nifty 50 formed a long bear candle on the daily chart, signaling back-to-back sharp declines in the market in the last two sessions. This also indicates a decisive downside breakout of the immediate supports around 19,300-19,250 levels.
“Nifty, according to the weekly chart, moved below the key support of 20-week EMA, which was sustaining above it in the last 6-7 months. Currently, Nifty placed at the edge of another weekly support of long-term trend line at 19,120 as per the concept of change in polarity," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the short-term trend of Nifty continues to be negative.
Also Read: 6 things that changed for the stock market overnight - Gift Nifty to selloff in US tech stocks Here’s what to expect from Nifty and Bank Nifty today: According to Shetti, there is a possibility of small upside bounce from near 19,100-19,000 levels as Nifty is placed at the long-term support at the lows. “A breakdown of 19,000 is likely to open the next downside of 18,600 levels in the near term. Any upside bounce from here could find strong resistance around 19,250-19,350 levels," 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!) The Nifty faced selling pressure for a second consecutive day and closed below the crucial support level at 19,200 on Wednesday. “The index has closed below its significant moving averages, signifying a bearish trend. The immediate support stands at 19,000, with the highest open interest in put option contracts, while
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