Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on September 20
Indian stock market indices are likely to open lower Wednesday following weak global cues ahead of the interest rate decision by the US Federal Reserve. The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading lower at around 20,080 level as compared to the Nifty futures’ Monday’s close of 20,170.
On Monday, the benchmark equity indices, Sensex and Nifty ended lower ahead of key central bank meetings while concerns over global economic growth persisted. The Sensex fell 241.79 points, to close at 67,596.84, while the Nifty ended 59.05 points lower at 20,133.30. Nifty formed a small negative candle on the daily chart with minor upper and lower shadow.
“Technically, the current chart pattern indicates 'Bearish Tri-Star' type candle pattern (three candle top reversal pattern), but not a classical one. Further weakness from here could confirm short term top reversal for the Nifty at 20,222 levels," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. He believes the underlying short term trend of Nifty is placed at the verge of reversal on the downside.
A decisive move below the immediate support of 10 day EMA (exponential moving average) at 19,940 levels could confirm further weakness for the near term, however, sharp selling momentum is ruled out, he said. Also Read: 6 things that changed for market overnight: Gift Nifty, US Fed meet to global market cues for Sensex today Here's what to expect from Nifty and Bank Nifty today: The Nifty index has been consolidating within a broad range, with notable call writing activity observed at higher levels. “This suggests that market participants are cautious and have been selling call options to hedge against
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