Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 9
Catch Live Market Updates here On January 8, the domestic equity benchmarks ended significantly lower with losses of nearly 1% amid weak global cues and profit booking. The Sensex plunged 670.93 points, or 0.93%, to close at 71,355.22, while the Nifty 50 settled 197.80 points, or 0.91%, lower at 21,513.00.
Nifty formed a long bear candle on the daily chart, which is indicating a formation of bearish engulfing pattern (not a classical one). Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, US bond yields to China policy easing “The market reacting down sharply after a small rise is signaling a presence of strong overhead resistance around 21,750-21,800 levels.
The positive chart pattern like higher tops and bottoms is intact, but the formation of a new lower top at 21,763 could be an alarming signal for bulls at the higher levels. The immediate support of 10-day EMA (exponential moving average) has been violated on the downside again today at 21,560 levels," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.
Shetti believes the short-term trend of Nifty 50 has turned down from the highs after a small rise and the selling pressure seems to have started to emerge from near 21,750-21,850 levels. The next lower supports to be watched at 21,350 - 20-day EMA.
(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 50 index slipped into weakness and declined nearly a percent and broke the 10-day EMA of 21,569. “Nifty 50 ended the day close to its support at 21,500 and the short-term 14-day moving
. Read more on livemint.com
