Nifty 50, Sensex today: What to expect from stock market indices in trade on September 28
Sensex closed 173.22 points higher at 66,118.69, while the Nifty 50 gained 51.75 points to end at 19,716.45. Nifty formed a long bull candle on the daily chart with a long lower shadow. “Technically, this market action is indicating a formation of a bullish engulfing pattern.
Normally such bullish engulfing patterns after a reasonable decline or near the support signal chances of upside bounce in the underlying post confirmation," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. After the range bound movement in the last few sessions, the market showed a false downside breakout of the range in the early part of Wednesday before witnessing a sharp intraday upside bounce. Hence, there is a higher possibility of upside breakout of the narrow range at 19,750 levels.
According to Shetti, the short term trend of Nifty seems to have reversed up and a follow-through upmove could confirm a short term higher bottom reversal pattern. Here’s what to expect from Nifty and Bank Nifty today: The Nifty showed a strong recovery on September 27 and found support at the 50-EMA (Exponential Moving Average). “The day concluded with the formation of a bullish engulfing pattern.
On the upper side, resistance is situated at 19,750. A clear breakout is necessary to anticipate a substantial rally in the index. A decisive move beyond 19,750 could potentially push the index towards 19,900," said Rupak De, Senior Technical analyst at LKP Securities.
On the downside, he added, support is established at 19,600. The Bank Nifty bounced back from day’s low and ended 36 points lower at 44,588 on Tuesday. “The Bank Nifty bulls displayed resilience by defending the key support level at 44,200, which coincided with the rising trendline
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