Nifty 50, Sensex today: What to expect from Indian stock market in trade on January 23

livemint.com:

Catch Live Market Updates here On January 20, the domestic equity markets ended the special trading session of Saturday lower with the benchmark Nifty 50 index shifting into a consolidation. The Sensex declined 259.58 points to end at 71,423.65, while the Nifty 50 closed 50.60 points, or 0.23%, lower at 21,571.80. Nifty formed a reasonable negative candle on the daily chart that engulfed the small bullish candle of Friday.

This market action indicates a formation of bearish engulfing pattern on the daily chart after a small rise. Also Read: Indian stock market: 6 key things that changed for market overnight - Gift Nifty, oil prices to China’s lending rates “Nifty on the weekly chart closed with the formation of long bear candle, which is also indicating a formation of bearish engulfing pattern (not a classical one) on the weekly chart. Hence, such bearish formation after a long time on the long-term chart signals an emergence of selling pressure in the market at the new highs," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

He believes the short-term trend of Nifty remains choppy having faced weakness after a small rise on Saturday signal weak bias for the market ahead. (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 ended Saturday’s volatile session with a loss of 50 points at around 21,571 level. “The overall consolidation phase may persist for the next few days or until the Nifty stays within the range of 21,500-21,700.