Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 24

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Also Read: 6 things that changed for market overnight: Gift Nifty, Nvidia share rally to global market cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: The Nifty traded within the broader range of 19,300 and 19,500. “On the daily timeframe, the headline Nifty index has been fluctuating between the boundaries set by the 21-day Exponential Moving Average (EMA) at 19,471 and the 50-day EMA at 19,281. Looking ahead, the Nifty is likely to maintain this range bound movement as long as it remains within these established thresholds," said Rupak De, Senior Technical analyst at LKP Securities.

He expects a significant breakthrough above the 19,500 mark could potentially trigger a rally towards higher levels. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 24th August Bank Nifty saw a decent rally on Wednesday, rising 486 points or 1.10% to 44,479. The index out of the 43,700-44,100 range and formed a long bullish candlestick pattern on the daily scale.

“The Bank Nifty index exhibited a powerful bullish resurgence, effectively overpowering the bearish sentiment. Notably, buying activity was observed in both private and public sector banks, showcasing strong confidence. The critical resistance at 44,200 was convincingly breached, supported by substantial trading volumes, leading to an extension of the upward movement towards 44,500.The overall market sentiment remains bullish, with the index poised for further gains," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.