Nifty 50, Sensex today: What to expect from stock market indices in trade on November 9

livemint.com:

Sensex ended 33.21 points higher at 64,975.61, while the Nifty 50 gained 36.80 points to settle at 19,443.50. Also Read: 7 things that changed for the stock market overnight - Gift Nifty to drop in US Treasury yields and oil prices Nifty 50 formed a small body candle on the daily chart with minor upper and lower shadow.

This market action is indicating a formation of doji type candle pattern, which is back-to-back for two sessions, signalling confusion in the state of mind among market participants. “The opening upside gap of November 2nd, 3rd and 6th remains intact on the daily chart and the immediate resistance of 19,300 has already been broken on the higher side.

The overall chart pattern remains positive and one may expect the Nifty to advance towards 19,600 levels in the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. (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: On the call side, the highest Open Interest (OI) was observed at 19,500 followed by 19,600 strike prices while on the put side, the highest OI was at 19,400 strike price, according to Deven Mehata, Research Analyst, Choice Broking.

The Nifty 50 index remained within a trading range amid cautiousness ahead of the US Federal Reserve Chairman’s speech on November 8. “Nonetheless, the prevailing trend appears bullish as the Nifty 50 closed above a critical short-term moving average.

Notably, significant support from put writers is evident at 19,400, where they have established a substantial position," said Rupak De, Senior Technical Analyst at LKP Securities. Also Read: