Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on September 13

livemint.com:

Indian stock market is expected to open flat with a positive bias tracking mixed cues from global peers. The trends on Gift Nifty also indicate a mildly positive start for the Indian benchmark index. The Gift Nifty was trading around 20,073 level as compared to the Nifty futures’ previous close of 20,037.

After witnessing a sustainable upmove in the last seven sessions, the Indian market seems to have started selling pressure from the all time highs of 20,100 levels on Tuesday with broader market indices like midcap and small cap witnessing sharp sell off from the all time highs. On Tuesday, the frontline indices Sensex and Nifty ended flat, while the midcap and smallcap indices plunged. The Sensex ended 94.05 points, or 0.14%, higher at 67,221.13, while the Nifty closed 3.15 points, or 0.02%, lower at 19,993.20.

Nifty formed a long bear candle on the daily chart at the all time high of 20,110 levels. “Though this market action indicates minor reversal in nature, we need confirmation by way of more weakness in the next session to call this a top reversal. The sharp sell off in broad market indices are indicating more weakness ahead for the benchmark Nifty in the coming sessions.

A decline below 19,850 levels could confirm a short term top reversal pattern for the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Also Read: 6 things that changed for market overnight: Gift Nifty, Apple shares, inflation to global market cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: Nifty witnessed a correction as sellers exerted pressure around the 20,100 level. “The correction was contained, thanks to put writers at 19,900 who helped shield the market from further declines.