Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on September 8
Indian stock market indices are likely to open on a tepid note following mixed cues from global peers. The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading flat at around 19,785 level as compared to the Nifty futures’ previous close of 19,768.
On Thursday, the benchmark equity indices extended rally for the fifth consecutive session to end over half a percent higher each. The Sensex jumped 385.04 points to 66,265.56, while the Nifty closed 116.00 points higher at 19,727.05. The Nifty formed a long bull candle on the daily chart that has surpassed the immediate resistance of 19,650 levels.
“The overall chart pattern is indicating a larger upside breakout of broader consolidation/triangle pattern of the last 5 weeks and this is opening a potential pattern upside target for Nifty around 20,000-20200 levels over the next couple of weeks," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes any intra-week dips down to 19,550-19,600 levels could be a buy on dips opportunity. Also Read: 5 things that changed for market overnight: Gift Nifty, Apple shares slump to global market cues for Sensex today Here’s what to expect from Nifty, Sensex, Bank Nifty today: The bulls were able to push Nifty higher following a range-bound trading period in the preceding few days.
“The sentiment remains positive as long as the index sustains above 19,550. On the higher end, gains may extend to the range of 19,900 to 20,000 in the near term, provided that bullishness in the market continues to increase," said Rupak De, Senior Technical analyst at LKP Securities. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 8 The Bank
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