Nifty 50, Sensex today: What to expect from Indian stock market in trade on March 18
Also Read: Indian stock market: 10 key things that changed for market over weekend - Gift Nifty, US factory output to oil prices On the weekly chart, Nifty 50 formed a long bear candle, which indicates the formation of a bearish engulfing type candle pattern. “Nifty as per the weekly chart placed at the edge of moving below the strong support of 20-week EMA around 21,915 levels. This is not a good sign.
The short-term and near-term trends of Nifty 50 remain weak. A decisive move below 21,900 could open sharp weakness down to the next lower support of 21,500 levels in the near term," Shetti added. Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 index declined 123 points to close at 22,023 on March 15, weighed down by a bout of profit-taking.
“The Nifty has once again closed below the rising trendline, bringing market sentiment back into a state of weakness. The momentum indicator suggests bearish momentum in the near term. Immediate support is situated at the 50-DMA, currently at 21,900, which is expected to provide support for the Nifty," said Rupak De, Senior Technical Analyst, LKP Securities.
He believes a decisive drop below 21,900 could lead to a sharp decline in the index. On the upside, resistance is observed in the range of 22,200-22,250. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — March 18 The Bank Nifty index declined for the sixth consecutive session on Friday, falling 196 points to end at 46,594.
“The Bank Nifty index witnessed a volatile trading session, forming a doji candle that signals indecision in the market. Immediate resistance for the Bank Nifty index lies at 47,000, coinciding with the 20-day moving average (20-DMA). A decisive break above
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