Nifty 50, Sensex today: What to expect from Indian stock market in trade on April 8

livemint.com:

Sensex rose 20.59 points to close at 74,248.22, while the Nifty 50 settled flat at 22,513.70. Nifty 50 formed a small positive candle on the daily chart with minor upper and lower shadows. “This market action signals narrow range movement in the market near new all-time highs.

Having formed this pattern beside the negative candle of Thursday, the predictive value of the pattern could be less," said Nagaraj Shetti, Senior Technical Research Analyst, HDFC Securities. Also Read: Indian stock market: 7 key things that changed for market over weekend - Gift Nifty, US nonfarm payrolls to oil prices He believes the near-term trend of Nifty remains positive and the ongoing range movement in the market is suggesting a possibility of sharp swing movement on either side. “Hence a range expansion could be watched around 22,600 and 22.300 levels on either side.

Therefore, a decisive move above 22,600 levels could bring quick upside towards 22,800 levels and a slide below 22,300 levels is likely to open fresh round weakness from the highs," Shetti added. Here’s what to expect from Nifty 50 and Bank Nifty today: The Nifty 50 index shifted into a narrow range movement on April 5 and closed the day on a flat note. “The index has remained sideways throughout the session, reflecting a pause in the market trend following the formation of a hanging man pattern.

The sentiment may continue to remain sideways due to the lack of a directional breakout or pattern formation. At the higher end, 22,650 might prove to be a crucial resistance level. A fresh rally is not anticipated as long as the index remains below 22,650," said Rupak De, Senior Technical Analyst, LKP Securities.