Following poor global signals, the Indian equities market is projected to begin lower on Friday.
Gift Nifty indicators also indicate that the Indian benchmark index starts with a gap down. The Gift Nifty was trading around 19,520, compared to the previous closing of the Nifty futures at 19,616.
The domestic benchmark indexes finished down for the second straight session on Thursday due to volatility. The Sensex fell 247.78 points to 65,629.24, while the Nifty 50 fell 46.40 points to 19,624.70.
On the daily chart, the Nifty 50 made a modest positive candle with an upper shadow.
“Technically, this market action indicates the emergence of lower-level buying interest.” With range-bound activity, the overall chart pattern remains lacklustre. “If the Nifty proceeds to fall from here, it will find support approximately 19,480-19,450 levels, and any upside bounce from there will meet resistance around 19,700 levels,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.Â
According to him, a convincing breach over this barrier might push the Nifty towards another resistance level of 19,850.
What to anticipate from the Nifty and Bank Nifty today:
Nifty
Nifty fell below the consolidation range low of 19,650 and finished the day below it.
“However, on a closing basis, the 55EMA acted as a support.” “The index may remain volatile in the short term, and a move above 19,650 could take the index towards 19,850,” said Rupak De, Senior Technical analyst at LKP Securities.
However, he expects that failing to rise over 19,650 will result in further selling pressure.
Bank Nifty
On October 19, the Bank Nifty saw selling pressure and finished 134 points down at 43,755.
“The Bank Nifty index continued to consolidate in a sideways pattern, characterized by an ongoing battle between bulls and bears.” The index is now facing immediate resistance around 44,000, with support at 43,500. “A decisive breakout in either direction from this range is expected to result in significant trending moves,” Kunal Shah, Senior Technical and derivative analyst at LKP Securities, said.
According to Shah, the current attitude for the Bank Nifty keeps leaning towards a ‘ sell on rise’ strategy, suggesting that traders are more likely to sell the index during market gains.
“Strong resistance can be observed at 44,500, and a closing price over this level would indicate the continuation of the uptrend,” he said.
Read More: OnePlus Open To Be released today: How To Watch Live Webcast, Specifications, and More
Disclaimer: The recommendations and opinions shown above are those of individual analysts or brokerage firms, not Axpert Media. Before making any financial decisions, we recommend that investors consult with competent specialists.
