Nifty 50, Sensex today: What to expect from stock market indices in trade on November 6
Sensex closed 282.88 points higher at 64,363.78, while the Nifty 50 gained 97.35 points to settle at 19,230.60 on Friday. Nifty 50 formed a small negative candle on the daily chart with gap up opening and with minor upper and lower shadow.
Technically, such formations are considered as a high wave type candle pattern. Also Read: 6 things that changed for the stock market over the weekend - Gift Nifty to rally in Asian markets, US stocks “Such market action indicates confusion state of mind among market participants at the highs.
Nifty is currently placed at the edge of strong overhead resistance around 19,200-19,300 levels as per change in polarity principle. Still there is no confirmation of any decisive upside breakout of the hurdle," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
On the weekly chart, Nifty 50 formed a reasonable positive candle after the formation of a long negative candle last week. “The short-term trend of Nifty remains positive, having shown range bound movement near the crucial hurdles, there is a possibility of further consolidation or minor weakness in the short term before surging through the hurdle," Shetti added.
(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 Bank Nifty today: The Nifty 50 index snapped its two-week losing streak and gained nearly one percent last week. “After a gap up opening (on Friday) Nifty 50 faced resistance around 19,250-19,300 levels and we can see maximum put writing at 19,200 levels which may act as strong support for Nifty 50 while we can see maximum open interest in 19,300 call option so, one should only
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