Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 14

livemint.com:

Nifty are likely to open lower on Monday amid weak global cues as Asian markets are mostly trading in the red. The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading lower at 19,449 level as compared to Nifty futures’ Friday’s close of 19,503.

Nifty fell below 19,500, exhibiting signs of weakness, characterized by a lower top formation. On Friday, the Nifty index ended 115 points lower at 19,428. Nifty formed a long bear candle on the daily charts, indicating a downside breakout of the smaller range movement of the last few sessions.

“The negative chart pattern like lower tops and bottoms continued as per daily timeframe chart and the swing high of 19,645 of 9th August could be considered as a new lower top of the sequence. Hence, the market is expected to slide down to 19,290 or lower in the coming sessions to confirm a new lower bottom of the sequence," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. Also Read: 6 things that changed for market overnight: Gift Nifty, FII selling to global market cues for Sensex today Meanwhile, derivatives market data shows FIIs’ long exposure in index futures fell to 40%, signifying a short-term bearish bias.

The put-call ratio is approaching oversold territory as it stands at 0.91. From a technical standpoint, the Nifty continues to exhibit a bearish trend as it remains below the 21-day Exponential Moving Average (21EMA). “The Relative Strength Index (RSI) is also indicating a bearish crossover.