Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on September 4
Nifty, are likely to open higher on Monday amid mixed signals from global markets. The trends on Gift Nifty indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading at around 19,553 level as compared to the Nifty futures’ Friday close of 19,519.50.
The indices started the month of September on a positive note with the Sensex rallying 0.86% and the Nifty surging 0.94% on September 1, Friday. Nifty formed a long bull candle on the daily chart that has engulfed the negative candle of previous session. “Technically, this action signals a bullish engulfing pattern, but not a classical one.
After showing a false downside breakout of 19,250 levels on Thursday, the market seems to have reversed sharply on the upside," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. On the weekly chart, Nifty formed a reasonable bull candle with minor lower shadow. The reversal on the upside has occurred on the weekly chart post five weeks of gradual declines.
“The formation of a bullish pattern like the inverted hammer of last week seems to have confirmed this week with sizable upside bounce in the market. The short term trend of Nifty has turned up and one may expect further upside in the short term," Shetti added. Also Read: 6 things that changed for market over the weekend: Gift Nifty, Fed outlook, to global market cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: Nifty moved above the 21-day exponential moving average (EMA) after several days suggesting the potential for a bullish reversal.
Read more on livemint.com
