Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on September 1

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Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading flat at around 19,389 level as compared to the Nifty futures’ previous close of 19,428.30. On Thursday, the market failed to sustain intraday gains and ended lower amid the monthly derivatives expiry.

Nifty declined 94 points to close at 19,254. Nifty formed a long bear candle on the daily chart with minor lower shadow. “Technically, the pattern indicates that the market is now placed at the edge of downside breakout of the support around 19,250-19,200 levels.

The negative chart pattern like lower tops and bottoms is intact on the daily chart. After the formation of a recent lower top at 19,452 levels, the Nifty is now placed to form another lower bottom below 19,229 levels in the short term," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the underlying trend of Nifty remains choppy with weak bias and there is a possibility of weakness below 19,200 levels in the coming sessions.

Also Read: 5 things that changed for market overnight: Gift Nifty, US PCE inflation among key global market cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: The Nifty faced resistance at the 21-day Exponential Moving Average (21EMA), which resulted in a market correction. “Two consecutive unsuccessful attempts to surpass the critical 21EMA level led to an increase in selling pressure. The overall sentiment remains pessimistic, with the likelihood of any upward rallies being met with selling activity," said Rupak De, Senior Technical analyst at LKP Securities.