Nifty 50, Sensex today: What to expect from stock market indices in trade on November 16
Sensex jumped 742.06 points to end at 65,675.93, while the Nifty 50 settled 1.19% higher at 19,675.45. Also Read: 6 things that changed for the stock market overnight - Gift Nifty, fall in oil prices to Biden-Xi meet Nifty 50 formed a small positive candle on the daily chart with a gap-up opening. “Technically, this pattern indicates an attempt at an upside breakout of the crucial overhead resistance of around 19,550-19,600 levels (downsloping trend line).
The opening upside gap remains unfilled," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the short-term trend of the Nifty 50 remains positive. “Having moved above the key resistance of around 19,600 levels, there is a possibility of Nifty advancing towards the next set of hurdles of around 19,850 and the next 20,050 levels in the near term," 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 50 and Bank Nifty today: Nifty 50 has witnessed a robust upward movement, propelled by a strong global equity market sentiment. “On the daily chart, the index has shown significant upward momentum after a consolidation phase, indicating an increase in optimism. The overall trend appears positive, with the index consistently maintaining levels above the critical moving average.
Looking ahead, bullish sentiment is likely to persist as long as the index remains above 19,500," said Rupak De, Senior Technical analyst at LKP Securities. On the upper side, he believes resistance is anticipated in the range of 19,700 to 19,850. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today —
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