Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on September 18
Indian stock market indices Sensex and Nifty are expected to open lower on Monday tracking weak global cues. The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading at around 20,190 level as compared to the Nifty futures’ Friday close of 20,240.
The domestic benchmark equity indices continued upside momentum and ended at their record closing high on Friday. The Sensex jumped 320 points to close at 67,839, while the Nifty ended 89 points higher at 20,192. Nifty formed a small positive candle on the daily chart with minor upper shadow.
“This pattern indicates gradual upside momentum in Nifty with volatility in the last two sessions. Though, Nifty broke above the hurdle of 20K mark recently, the sharp upside momentum is missing post breakout at the new highs. Nifty on the weekly chart closed with a strong note.
We observe a formation of long bull candle on the weekly chart, which is back to back for the second consecutive sessions," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the short term trend of Nifty continues to be positive, while there is a possibility of further upside with volatility in the coming sessions. Also Read: 6 things that changed for market over weekend: Gift Nifty, Parliament session to global market cues for Sensex today Here’s what to expect from Nifty and Bank Nifty today: The Nifty continued to exhibit strength as the index reached new highs.
“Strong Put writing at 20,100 has further bolstered positive sentiment in the market. The trend is expected to remain positive as long as the Nifty remains above the 20,000 mark. In the short term, there is potential for the Nifty to move towards the 20,480-20,500 range
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