Sensex ended 187.75 points lower at 65,794.73 while the Nifty 50 declined 33.40 points to settle at 19,731.80. Nifty 50 formed a small positive candle on the daily chart with a long upper shadow.
The formation of long upper shadows in the last two sessions indicates presence of strong overhead resistance around 19,850 levels. Also Read: 6 things that changed for the stock market over weekend - Gift Nifty to rally in Asian shares “The positive chart pattern like higher tops and bottoms is intact as per daily chart and Thursday's swing high of 19,875 could be considered as a new higher top of the sequence.
Hence, any decline from here could open a possibility of higher bottom formation around 19,600 -19,550 levels in the coming sessions," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Shetti believes the near-term uptrend status of the market remains intact, but there is a possibility of some more consolidation or minor weakness for the Nifty in the next 1-2 sessions.
(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: The Nifty has largely traded within a range on November 17, showing a predominantly bullish sentiment. “Over the past two to three days, a ‘buy on dips’ approach has been loved by the street since the Nifty crossed the crucial 19,500 mark.
The trend is expected to stay positive as the Nifty consistently concludes trading sessions above the critical moving averages," said Rupak De, Senior Technical analyst at LKP Securities. According to him, support levels are situated at 19,630/19,500 on the lower end, while resistance is placed at. Read more on livemint.com