Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 10

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Nifty remained weak for most of the session but late-hour buying helped the index close 62 points higher at 19,633. Also Read: What changed for market overnight: Gift Nifty, RBI policy to global market cues for Sensex today Nifty formed a positive candle on the daily chart with a long lower shadow.

“Technically this pattern indicates a bullish hammer type pattern (not a classical one), but the placement of the pattern is not ideal. The negative chart pattern like lower top and bottoms is still intact, but there is no confirmation of any lower top reversal pattern yet," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Also Read: RBI Policy Live: Governor Shaktikanta Das to announce monetary policy today, likely to keep rate unchanged Nifty experienced a strong resurgence of bullish momentum, resulting in a sharp recovery from its previous lower levels. “At present, the index is positioned in close proximity to a critical resistance zone at 19,640, which aligns with its 20-day moving average (20DMA).

A conclusive break above the 19,700 level, especially on a closing basis, would not only signify a reversal of the recent downtrend but also potentially open the path for further upward movement, with an eye towards the 20,000 mark," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities. Also Read: Day trading guide for today: Six stocks to buy or sell on Thursday — August 10 The Bank Nifty index remains caught in a struggle between the bulls and bears, particularly in anticipation of the upcoming RBI policy.

“A clear and decisive market move is expected only after the policy announcement, as this event could potentially influence the market sentiment significantly. There is a support level