Nifty 50, Sensex today: What to expect from the Indian stock market in October 17 trading?

Indian stock market benchmark indices, Sensex and Nifty 50 are likely to open on a subdued note on Thursday amid mixed global market cues.

GIFT Nifty trends also indicate a slow start for the Indian benchmark indices. GIFT Nifty was trading around 25,025 levels, about 10 points lower than the previous close of Nifty futures.

Domestic equity market indices closed down for the second consecutive session on Wednesday amid weak global cues.

Sensex It closed 318.76 points lower at 81,501.36, while the Nifty 50 fell 86.05 points or 0.34% at 24,971.30.

Nifty 50 formed a small negative candle with slight upper shadow on the daily chart.

“Technically this pattern reflects the ongoing range bound action in the market and Nifty 50 is currently close to the lower bound around 24,900 levels. After remaining above the daily 10/20 period EMAs (Exponential Moving Averages) over the past few months, the said moving average support has recently been broken to the downside and they (10 and 20 period EMAs) now act as a barrier. Are working. According to the hypothesis of change in polarity around 25,150 – 25,200 levels,” said Nagaraj Shetty, Senior Technical Research Analyst, HDFC Securities.

According to him, the underlying trend of Nifty 50 remains volatile with a weak bias and only a sustained move above 25,200 and sharp weakness below 24,800 – 24,700 could bring strong momentum in the market on either side.

What to expect from Nifty 50 and Bank Nifty today:

nifty 50 prediction

The weakness continued on October 16 with range bound action in Nifty 50 and closed the day with a fall of 86 points.

“Nifty 50 is consolidating in a narrow 350-point range of 24,900 – 25,250 levels. A break above 25,250 or below 24,900 could lead to gains towards 25,500 or 24,300 levels respectively. Momentum indicators have shifted towards the overbought zone, indicating a possible downside from current levels. The ADX DI-line is trending upward in line with yesterday’s decline, which is also indicating possible downside movement,” said Dr. Praveen Dwarkanath, Vice President, Hedged.in.

He said option writer data for today’s expiry showed an increase in call writing above the 25,000 level, indicating an expiry below this level.

Aditya Agarwal, head of derivatives and technical analysis at Sanctum Wealth, believes in the bottom line nifty 50 The index will find immediate support around 24,900 levels and a fall towards those levels can be used as a buying opportunity.

“Some large cap beaten stocks have provided much needed support to the index and shown the first sign of reversal which may help the index move towards 25,140/25,260 levels,” Agarwal said.

According to VLA Ambala, co-founder of Stock Market Today, in Wednesday’s session, the market entered the overbought zone after a sharp fall. This development encouraged profit booking and new investment. Currently, both Nifty and Sensex are down by about 5%, but there is still scope for further decline.

“The Nifty 50 index has fallen below the 20 and 50-day EMAs, forming a strong high wave Doji candlestick pattern on the daily chart. However, Nifty index is likely to find support at 24,810 and 24,670, while resistance lies around 25,080 and 25,195,” Ambala said.

bank nifty prediction

The Bank Nifty index closed 104.95 points, 0.2% lower at 51,801.05 on Wednesday, forming a small bullish candle with an upper shadow on the daily chart.

,bank nifty Failed to hold above its resistance level of 52,000 and saw marginal profit booking from those levels. Short-term structure for Bank Nifty looks positive and a correction towards 51,600/51,400 can be used to initiate long positions. At higher levels, the index will find resistance around 52,000 and above this it may rise to 52,600 levels in the short term,” Aditya Agarwal said.

According to Dr. Praveen Dwarkanath, the Bank Nifty index is getting rejected from the upper Keltner channel, which is indicating weakness in the index at the current level.

“Momentum indicators have moved to overbought levels, indicating the possibility of a decline to its immediate support at 51,200 levels. Options writer data showed an increase in writing in calls and puts at the 52,000 level, indicating stagnation at these levels. However, higher call writing is pointing towards a downside in the index,” Dwarkanath said.

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