Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 20

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normal trading session today, while the markets will remain shut on Monday, January 22. On Friday, the benchmark indices witnessed a minor upside bounce after showing sharp weakness in the last couple of sessions. The Sensex jumped 496.37 points, or 0.70%, to end at 71,683.23, while the Nifty 50 settled 160.15 points, or 0.75%, higher at 21,622.40.

Also Read: Indian stock market: 6 key things that changed for market overnight - S&P 500 at record to US consumer sentiment Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadow. “The market action of Friday indicates a formation of doji or high wave type candle pattern (not a classical one). This reflects the ongoing pullback rally in the market.

The upside bounce of Friday could be a cheering factor for bulls to make a comeback. But, as long as the sharp opening downside gap of Wednesday remains open at 21,970, there is a higher probability of a sell on rise in the market for the short term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. (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: Following a strong start on January 19, the Nifty 50 remained sideward throughout the session and ended above 21,600 level.

“The index has moved back above the critical near-term moving average. In the short term, the index is likely to consolidate within the bands of 21,500 and 21,700. A decisive breakout on either side would confirm a directional move," said Rupak De, Senior Technical Analyst, LKP Securities.