Stock market today: What to expect from Nifty, Sensex, Bank Nifty in trade on August 9

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Also Read: What changed for market overnight: Gift Nifty to global market cues for Sensex today The Nifty index managed to close above the significant 21-day EMA and maintained support above 19,500 points. “A positive trend is anticipated as long as the index holds above 19,500, with resistance at 19,700 and potential for a rally towards 20,000," said Rupak De, Senior Technical analyst at LKP Securities.

Meanwhile, Shetti expects a move below 19,500 levels could open further weakness down to the next lower supports of 19,400 - 19,350 levels. Also Read: Day trading guide for today: Six buy or sell stocks for Wednesday —August 9 The Bank Nifty index rose 127 points to close at 44,964 on Tuesday and is currently in a consolidation phase.

“There is a visible support level at 44,800, and if the index breaks below this level, it could trigger further downside movements towards 44,600. On the upside, a resistance level is apparent at 45,150," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Shah believes if the index successfully breaks above this resistance level, it may pave the way for a clearer upward move towards levels around 45,400 - 45,500. Catch Live Market Updates here Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.