Nifty 50, Sensex today: What to expect from stock market indices in trade on October 31

livemint.com:

Also Read: 6 things that changed for the stock market overnight - Gift Nifty, Wall Street rally to China PMI “Technically, this pattern indicates continuation of upside bounce in the market. The recent swing low of 18,837 of October 26 could now be considered as a short-term bottom reversal for the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

According to Shetti, the larger degree of negative pattern like lower tops and bottoms is intact on the daily chart and current upside bounce could be in line with a formation of new lower top of the sequence. Still there is no confirmation of any lower top reversal pattern yet at the highs.

He believes the short-term trend of Nifty continues to be positive with range bound action and the present upside bounce is expected to continue for the short 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 50 and Bank Nifty today: The Nifty 50 index staged a strong recovery with the bulls successfully defending the previous day’s low, ultimately closing at its highest point on October 30.

“Despite a broader negative outlook due to the prevailing downtrend, the possibility of a pullback exists, potentially taking the index to the 19,300 mark. However, it's crucial to note that the support level at 18,900 is critical, and any closing breach below it would shift control to the bears, potentially leading the index down to the 18,500-18,300 range," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.