Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 6

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Sensex fell 195.16 points to close at 73,677.13, while the Nifty 50 settled 49.30 points, or 0.22%, lower at 22,356.30. Nifty 50 formed a small negative candle on the daily chart with a minor upper and lower shadow. Technically, this pattern indicates a minor downward correction in the market with high volatility.

Also Read: Indian stock market: 8 key things that changed for market overnight - Gift Nifty, iPhone China sales to Bitcoin prices “Positive chart pattern like higher tops and bottoms is intact on the daily chart. Nifty formed a new higher top on Monday at 22,440 levels and the present weakness could be in line with the new higher bottom of the sequence. The short-term trend of Nifty is choppy and this range-bound action is expected to continue for the next session," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities.

Shetti believes the near-term uptrend remains intact and one may expect a sustainable upside bounce from the lower levels. Here’s what to expect from Nifty 50 and Bank Nifty today: Upon scrutinizing the Nifty Open Interest (OI) data, the call side revealed the highest OI at 22,500, followed by the 22,800 strike prices. Conversely, on the put side, the maximum OI was observed at the 22,200 strike price, said Mandar Bhojane, Research Analyst at Choice Broking.

Also Read: Stock market today: Day trading guide for Nifty 50 to Bank Nifty, six stocks to buy or sell on Wednesday — 6th March The Nifty 50 index snapped a four-day gaining run and ended 49 points lower on March 5. “Bulls and bears experienced another day of minor clashes without arriving at a definitive outcome. The sentiment remains positive, with the index staying above the short-term moving average.