Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 11
equity market is undergoing a healthy consolidation. The benchmark indices are likely to open lower on Friday amid mixed global cues. Trends on Gift Nifty also suggest a weak opening for the frontline indices as the Gift Nifty futures were trading 19,558 as compared to Nifty futures’ previous close of 19,599.
The benchmark Nifty50 fell 89 points on August 10 and closed the volatile session at 19,543. The index is facing strong resistance at around 19,650 level. Nifty traded in the range of 19,467 - 19,645 in the previous trading session and was unable to witness follow-through buying.
The level of 19,500 has been acting as a strong support for the Nifty. Analysts believe a break on either side of the 19,440 - 19,645 band could determine the near future trend of the Nifty. Also Read: Six things that changed for market overnight: Gift Nifty, US inflation to global market cues for Sensex today Nifty formed a small negative candle on the daily chart with minor upper and lower shadow.
“Technically, this pattern indicates sideways movement in the market with weak bias at the crucial resistance of 19,650 levels. The repeated testing of the hurdle without showing any sharp weakness could eventually result in an upside breakout of the said resistance," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Negative chart patterns like lower tops and bottoms are intact as per daily chart.
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