Nifty 50, Sensex today: What to expect from stock market indices in trade on October 27
Also Read: 6 things that changed for the stock market overnight - Gift Nifty, US GDP growth to corporate earnings Nifty is currently placed at the support of 200 day EMA for the first time since past April 2023. “Though, Nifty is placed at the key moving average supports, still there is no indication of any reversal pattern building up at the lows. The negative pattern like lower tops and bottoms of larger degree is intact on the daily chart and the market finding support to form a new lower bottom of the sequence.
Still there is no indication of any bottom formation at the lows," said Shetti. He believes the short-term trend of Nifty 50 continues to be negative. However, having moved into the oversold region, there is a chance of upside bounce occurring from the lows.
(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 Sensex today: The Nifty 50 index slipped below 19,000 for the first time in four months, indicating a rising bearish condition. “The bearish crossover in the momentum indicator also supports the negative momentum. In the current scenario, supports are appearing very fragile and vulnerable.
Despite the recent sharp decline, further correction from the current level seems highly possible," said Rupak De, Senior Technical analyst at LKP Securities. According to him, support on the lower end is visible at 18,600-18,645, while resistance is positioned at 18,950-19,000. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — October 27 The Bank Nifty index experienced continued heavy selling for the third consecutive session on Thursday and ended 552
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