Nifty 50, Sensex today: What to expect from stock market indices in trade on October 4
Sensex declined 316 points to end at 65,512, while the Nifty 50 fell 110 points to 19,529 on October 3. Nifty 50 formed a small negative candle on the daily chart, post small upside bounce. “Technically, this pattern reflects lack of strength in the market to sustain the highs.
The support area on the weekly chart (10 week EMA) has been violated again on the downside at 19.560 levels. The overall chart pattern indicates weak bias for the Nifty ahead," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. The larger degree of positive pattern like higher tops and bottoms is intact as per daily/weekly chart.
As long as Nifty 50 manages to sustain above the previous higher bottom of 19,223 levels, the chances of sustainable upside bounce could be alive, he added. Also Read: F&O Ban List: India Bulls Housing Finance Ltd placed under F&O ban on NSE for October 4 According to Shetti, the short term trend of Nifty 50 continues to be negative and the market is now placed at the edge of downside breakout of 19,500 levels. Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 witnessed selling pressure following volatility on Tuesday.
“Towards the downside, the index found support at the ascending trendline on the daily chart. The sentiment looks pessimistic for the short term. Looking ahead, the level of 19,480 is expected to serve as a pivotal “make or break" point.
If there is a decisive decline below 19,480, it might trigger heavy selling in the market," said Rupak De, Senior Technical analyst at LKP Securities. On the upside, 19,600 will continue to remain a significant resistance level, he added. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay
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