Nifty 50, Sensex today: What to expect from stock market indices in trade on November 10
Sensex fell 143.41 points to end at 64,832.20, while the Nifty 50 settled 48.20 points lower at 19,395.30. Nifty 50 formed a reasonable negative candle on the daily chart that placed within a high low range of 19,460-19,350 levels.
Also Read: 6 things that changed for the stock market overnight - Gift Nifty to hawkish Fed Chair Jerome Powell “Currently, the market is facing resistance around 19,450-19,500 levels and there is a possibility of some more consolidation or minor weakness in the short term, before witnessing a decisive upside breakout in the near term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the smaller degree of higher tops and bottoms is intact on the daily chart and the recent unfilled opening upside gap around 19,250 levels could offer support for the market during present consolidation to form a higher bottom.
Examining Open Interest (OI) data, the call side shows the highest OI at 19,500, followed by the 19,600 strike prices, with 19,500 acting as strong resistance for Nifty. Conversely, the highest OI on the put side is at the 19,400 strike price.
This data indicates a sideways movement for Nifty, said Mandar Bhojane, Research Analyst at Choice Broking. (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 Sensex today: The Nifty 50 index experienced a volatile session and closed at 19,395.30 on November 9, forming a bearish candlestick pattern.
“The Nifty has slipped a bit lower as it found resistance at the critical moving average on the daily timeframe, suggesting a weakening bullish sentiment. Moreover, the index slipped back
. Read more on livemint.com
