Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 10

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Catch Live Market Updates here On January 9, the domestic equity indices failed to hold intraday gains and ended marginally higher after as fag-end selling dragged indices from day’s high. The Sensex closed at 71,386.21, up 31 points, or 0.04%, while the Nifty 50 settled at 21,544.85, higher by 32 points, or 0.15%. Nifty formed a reasonable negative candle on the daily chart with upper shadow.

Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, US trade deficit to oil prices “Technically, this is a negative indication and signal occurrence of sharp weakness from the overhead hurdles around 21,750 levels. The Nifty has now started to visit the immediate support of 10-day EMA frequently, after showing minor upside bounces. The said moving average was intact for the past two months and a decisive break below this support at 21,500 could trigger more weakness ahead," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty 50 remains weak and emergence of selling pressure at the lower highs around 21,750-21,850 levels indicate weak bias for the short term. Any upside bounce from here could encounter hurdles around 21,700 levels. (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 is still holding lower top formation and on daily charts, it has formed inside bar candle which indicates indecisiveness between the bulls and bears.