Nifty 50, Sensex today: What to expect from stock market indices in trade on October 5

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Also Read: 5 things that changed for the stock market overnight - Gift Nifty to easing crude oil prices “Technically, this pattern indicates a formation of doji or hammer type candle pattern. Normally, formation of such patterns after a reasonable decline or at the key supports alert for a comeback bulls from the lower levels, after the confirmation.

Hence, a sustainable close above 19,500 levels is expected to confirm short term upside bounce for the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Shetti believes the short term trend of Nifty remains negative, while the formation of doji/hammer type candle pattern near the support indicates chances of an upside bounce in the short term.

Also Read: Day trading guide for today: Five stocks to buy or sell on Thursday — October 5 Here’s what to expect from Nifty and Bank Nifty today: The Nifty remained volatile throughout the day but managed to recover from the lowest point of the day before closing on Wednesday. “The overall market trend remains bearish, with the Nifty trading below critical moving averages.

Looking ahead, the market may continue to follow a bearish trend as long as it remains below 19,500, with initial support likely around 19,330, a fall below the said level might take the Nifty towards 19,250-19,200," said Rupak De, Senior Technical analyst at LKP Securities. (Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) The Bank Nifty index declined 435 points to 43,964 on Wednesday, ending below the 44,000 level for the first time since September.