Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on September 7
Indian stock market is likely to open on a weak note following losses global markets. The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading at around 19,630 level as compared to the Nifty futures’ previous close of 19,665.
The benchmark equity indices, Sensex and Nifty, ended higher for the fourth consecutive session on Wednesday. “The market is showing signs of weakness driven by weaker monsoon, stronger dollar and put/call ratio has breached 1.4 for today. For the first time in the past few months we are seeing some rationality coming in amongst mid/small caps.
However, consistent inflows In mid/small caps can protect downside in the coming months," said Jaykrishna Gandhi, Head - Business Development, Institutional Equities, Emkay Global Financial Services. The Sensex ended 100.26 points higher at 65,880.52, while the Nifty closed at 19,611.05 after gaining 36.15 points for the day. Nifty formed a small positive candle on the daily chart with minor upper and long lower shadow.
“Technically, this pattern reflects high volatility in the market. Post the upside breakout of crucial resistance of the down sloping trend line at 19,450 levels recently, the Nifty manages to move up consistently with the formation of lower shadows in the last three sessions candles. The upside breakout of trend line resistance remains intact," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He believes the short term trend of the Nifty continues to be positive. One may expect further upside in the coming sessions and any dips down to the support of 19500 is likely to be a buy on dips opportunity, he added. Also Read: 6 things that changed for market overnight: Gift
. Read more on livemint.com
