Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 17
Nifty closed the volatile session 30 points higher at 19,465, witnessing recovery from intraday lows. The index gained support near the 19,300 level where buying emerged during the day. The index formed a small positive candle on the daily chart with minor upper and lower shadow.
“Technically, this pattern indicates a side by side bull candle type pattern, but the placement of the pattern is not ideal. Hence, one may expect minor upside bounce from here, but the sustainability of this bounce could be a big question on the market," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities. The negative chart pattern like lower tops and bottoms is intact.
Having formed a new lower bottom at 19257 on Monday, the odds of Nifty forming another lower top could be high in the short term, he added. Also Read: 5 things that changed for market overnight: Gift Nifty, US Fed minutes to global market cues for Sensex today Check out what to expect from Nifty and Bank Nifty today: Nifty’s short-term outlook remains feeble, given that the index concluded Wednesday's session below the vital short-term moving average of 21-day exponential moving average (EMA). “The Relative Strength Index (RSI) shows a bearish crossover, further amplifying the pessimistic sentiment.
The prevailing trend will continue to lack strength as long as it maintains levels below 19,521, where the 21EMA is situated. Looking downward, the initial support level is positioned at 19,250," said Rupak De, Senior Technical analyst at LKP Securities. Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — 17th August The Bank Nifty continued to reel under selling pressure as the index declined 145 points to close at 43,946.
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