Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 23
Nifty are likely to open lower on Wednesday following negative global cues. The trends on Gift Nifty also indicate a muted start for the Indian benchmark index. The Gift Nifty was trading at 19,360 level as compared to the Nifty futures’ previous close of 19,389.
On Tuesday, the domestic market ended flat. The Nifty closed the session nearly 3 points higher at 19,396 after trading in a narrow range. Nifty formed a small negative candle on the daily chart with minor upper shadow.
“Technically, this market action indicates range bound movement in the market at the highs. This also signal lack of strength in the market to sustain the upside bounce. Negative chart pattern like lower tops and bottoms continued as per daily chart and Nifty seems to be forming a smaller lower top as of now within a narrow range," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He believes the repeated testing of immediate supports around 19,300-19,250 levels with lack of strength to sustain the highs could eventually result in a downside breakout of the supports. Also Read: 5 things that changed for market overnight: Gift Nifty, Japan PMI, US bond yields to global market cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: Nifty The Nifty index exhibited a distinct lack of movement on August 22, with traders uncertain about the market's upcoming trajectory. “Notably, there is a noticeable resistance observed at the 21-day Exponential Moving Average (EMA) on the chart's upper spectrum.
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