Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 1
Catch Live Market Updates here On Friday, the domestic benchmark indices snapped their five-day winning streak to end lower on profit-booking after the recent run up. The Sensex ended 170.12 points lower at 72,240.26, while the Nifty 50 declined 47.30 points, or 0.22%, to settle at 21,731.40, on December 29. Nifty 50 formed a small negative candle on the daily chart with minor upper and lower shadows.
Technically, this pattern indicates the formation of a high wave or doji-type candle pattern. Also Read: Indian stock market: 6 things that changed for market over weekend - Gift Nifty, FPI buying to China’s factory activity “Normally, such formations after a reasonable rise alert for trend reversal. But, having formed this pattern beside the bull candle of Thursday, one may expect range-bound action or consolidation movement to continue in the market.
A long bull candle was formed on the weekly chart that has surpassed the high wave type candle pattern of the previous week. This is a positive indication," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the near-term uptrend status of Nifty 50 remains intact but there is a possibility of short-term consolidation or range movement for the next 1-2 sessions before resuming its upside momentum in the coming 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: Nifty 50 remained sideways during Friday’s session, fluctuating within the range of 21,650-21,750. “A doji pattern has formed on the daily chart, indicating indecisiveness in the market. This sentiment requires
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