Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 28
Nifty, are likely to open higher Monday amid positive global cues. The trends on Gift Nifty also indicate a positive start for the Indian benchmark index. The Gift Nifty was trading flat at around 19,275 level as compared to the Nifty futures’ previous close of 19,223.60.
On August 25, the Nifty index ended over half a percent lower amid volatility, extending losses for the second consecutive session. The index found support at 19,230-19,250 levels and settled 121 points lower at 19,265.80 Nifty formed a small negative candle on the weekly chart with a long upper shadow. “Technically, this pattern signals the formation of an 'inverted hammer' type candle pattern.
Normally, such patterns after a reasonable decline alerts bulls for a comeback from the lows post confirmation," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the short term trend of Nifty continues to be negative and there is a possibility of some more weakness in the coming sessions. However, a sizable upside bounce from the important lower support of the 19,000-mark can't be ruled out in the near term, he added.
Also Read: 5 things that changed for market over the weekend: Gift Nifty, US Fed, China stimulus, to global cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: The Nifty index has declined to a significant moving average of 55-day Exponential Moving Average (EMA) support level. “The sentiment is expected to stay bearish as long as the index remains below 19,450, where the 21-day Exponential Moving Average (EMA) is positioned on the daily timeframe. If the index decisively falls below 19,240, it could potentially lead the Nifty towards the 19,000 mark," said Rupak De, Senior Technical analyst at
. Read more on livemint.com
