Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 11
Sensex gained 33.40 points to close at 74,119.39, while the Nifty 50 settled 19.50 points, or 0.09%, higher at 22,493.55. Nifty 50 formed a small negative candle on the daily chart with a minor lower shadow. Also Read: Indian stock market: 8 key things that changed for market over weekend - Gift Nifty, Japan’s GDP to China inflation “Technically, this pattern indicates breather type formation post sharp upside breakout of Wednesday.
The bullish rising three method pattern is still intact, and one may expect further upside in the near term," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. He believes the near-term uptrend of the Nifty 50 remains intact. The upside targets to be watched around 22,800 levels in the next one week (1.618% Fibonacci projection of long-term up and down swings).
Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 index shifted into a narrow range movement on March 7 and closed the day higher by 19 points after recording a new all-time high at 22,525 levels during the day. “The Nifty 50 stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions. On the downside, support is expected to hold at 22,400.
The buy-on-dips strategy is likely to persist as long as it remains above 22,400," said Rupak De, Senior Technical Analyst, LKP Securities. According to him, on the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 11 The Bank Nifty index declined 130 points to close at 47,834 on March 7.
Read more on livemint.com
