Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 18

livemint.com:

Sensex and Nifty ended over half a percent lower each dragged by weak global cues. The Nifty index slipped 99 points to end at 19,365. The index found support at 19,300 level during the day.

“A triangle type pattern is unfolding on Nifty as per daily timeframe chart and the market is currently placed near the lower end of a pattern around 19,300 levels. The attempt of upside recoveries from the intraday lows have been reversed on Thursday. The negative chart pattern like lower tops and bottoms is active on the daily chart and the market has not shown any decisive upside bounce so far," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Also Read: 5 things that changed for market overnight: Gift Nifty, China’s property crisis to global market cues for Sensex today He believes the short term trend of Nifty remains choppy with weak bias. The Nifty index remained volatile throughout the previous session amid weekly options expiry. Shetti sees a possibility of downside breakout of the key lower support around 19,300-19,250 levels in the short term and that could possibly drag Nifty down to another support of 19,100-19,000 levels in the near term.

Any rise from here could find strong hurdle at 19,600 levels, he said. Rupak De, Senior Technical analyst at LKP Securities believes the prevailing sentiment stays negative as the index continues to stay below the crucial moving average. “Looking at the upper range, the sell-on-rise approach might be more effective as long as the level of 19,525 remains unbroken.