Nifty 50, Sensex today: What to expect from stock market indices in trade on November 17
Sensex surged by 306.55 points to close at 65,982.48, while the Nifty 50 ended 89.75 points, or 0.46%, higher at 19,765.20 on November 16, the weekly expiry day. Nifty 50 formed a long positive candle on the daily chart with a long upper shadow. Also Read: 6 things that changed for the stock market overnight - Gift Nifty, US jobless claims to drop in crude oil prices “Technically, this pattern indicates an emergence of selling pressure from the crucial hurdle of 19,850 levels.
Positive chart patterns like higher tops and bottoms are intact on the daily chart," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Having reacted down from the key resistance on Thursday, he believes there is a possibility of some more consolidation or minor weakness for the market in coming sessions. Here’s what to expect from Nifty 50 and Bank Nifty today: On the call side, the highest Open Interest (OI) was observed at 19,900 followed by 20,000 strike prices.
On the put side, the highest OI is at 19,700 strike price, noted Deven Mehata, 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!) The Nifty 50 index encountered resistance near 19,850, the consolidation high, on the daily chart, resulting in a sharp intraday decline. “However, the index displayed strength by closing above the previous session’s high.
In the short term, the market outlook suggests a ‘buy on dips’ strategy as long as the index maintains levels above 19,500," said Rupak De, Senior Technical Analyst at LKP Securities. He believes a breakthrough above 19,850 could propel the Nifty 50 towards the 20,000 mark. Also Read: Buy
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