Nifty 50, Sensex today: What to expect from stock market indices in trade on November 8
Also Read: 5 things that changed for the stock market overnight - Gift Nifty, hawkish US Fed officials to drop in oil prices “Normally, such doji formation at the swing highs or lows calls for impending trend reversals for the underlying. Having formed this pattern beside the long bull candle of Monday signal chances of range bound movement in the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The larger degree of lower tops and bottoms is intact as per daily timeframe chart and currently, Nifty is moving up towards the new lower top formation of the sequence. Still there is no confirmation of any lower top reversal pattern yet at the highs, he 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 50 and Bank Nifty today: Nifty 50 saw intraday buying in the mid to later part on November 7 and closed the day by erasing most of the intraday loss. “Nifty remained volatile within a narrow range as traders remained uncertain ahead of the US Federal Reserve Chairman’s scheduled speech.
On the daily chart, Nifty encountered resistance at the 21-day EMA (exponential moving average) and closed just below it. If it manages to surpass the 21EMA, which is currently around 19,414, it could potentially head towards the 19,650-19,700 range," said Rupak De, Senior Technical Analyst at LKP Securities.
Also Read: Buy or sell: Vaishali Parekh recommends buying these 3 stocks today - November 8 According to him, support for Nifty 50 is situated at 19,300 on the downside. The Bank Nifty index exhibited volatility throughout the day on November 7 and ended 119 points higher at
. Read more on livemint.com
