Nifty 50, Sensex today: What to expect from Indian stock market in trade on February 19

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Sensex surged 376.26 points to end at 72,426.64, while the Nifty 50 settled 129.95 points, or 0.59%, higher at 22,040.70. Nifty 50 formed a small positive candle on the daily chart with gap up opening and with minor upper and lower shadows. “Technically, this pattern indicates a formation of spinning top type candle pattern at the highs, which are normally associated with top reversals.

But, having formed this pattern after a minor up move and a formation within a broader high low range movement, the predictive value of this pattern could be less," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Though, Nifty placed near the crucial overhead resistance of 22,125 levels, still there is no indication of any significant reversal pattern building at the highs. There is a possibility of some more upside towards the new all-time high of around 22,150 levels before showing any selling pressure from the new highs, he added.

Also Read: Indian stock market: 7 key things that changed for market over weekend - Gift Nifty to rise in US producer price index Here’s what to expect from Nifty 50 and Bank Nifty today: The benchmark Nifty 50 closed with over half a percent gains reclaiming 22,000 level on February 16. “A surge in buying interest for large-cap stocks propelled the Nifty back above the recent consolidation level, leading to the highest ever closing on the weekly timeframe. The Nifty has consistently closed above the 21-EMA (Exponential Moving Average) for the last few days, indicating a positive trend.