Nifty 50, Sensex today: What to expect from stock market indices in trade on October 3
Nifty 50 closing at 19,638.30, up 115 points, or 0.59%, while the Sensex ending at 65,828.41, up 320 points, or 0.49%. For the month of September, Nifty 50 gained 2% while the Sensex rose 1.5%. Nifty 50 formed a small positive candle on the daily chart with a long upper shadow.
“Technically, this pattern indicates an inside day type candle formation. The last two sessions’ candle patterns are signaling a last engulfing pattern and also inside the day bar respectively. These two candle patterns could be a sigh of relief for bulls to hold on a crucial weekly support at 19,550 levels (10 week EMA) for the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
The market has been stuck in a range of high low point of Thursday's long bear candle. Hence, a sustainable move above 19770 levels could bring bulls back into action. A slide below 19500 is expected to resume sharp selling momentum, he added.
Also Read: 6 things that changed for the stock market overnight - Gift Nifty to hawkish US Federal Reserve Here’s what to expect from Nifty 50 and Bank Nifty today: Nifty 50 ended the month of September with gains, following a weak August closing. “The recent selling pressure was halted around the 50EMA. However, we need to close above 19,750 to witness a decent rally over the short term.
A close or sustained move above 19,750 might take Nifty on a ride towards 20,500-20,700," said Rupak De, Senior Technical analyst at LKP Securities. However, on the flip side, he believes a fall below 19,470 might trigger the resumption of the downtrend. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The Bank Nifty
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