The Indian equity indices, Sensex and Nifty, are likely to open higher on Wednesday following a positive trend in the global markets.
The trends on Gift Nifty indicate a gap up start for the Indian benchmark index. The Gift Nifty was trading at around 19,426 level as compared to the Nifty futures’ previous close of 19,345.75.
On Tuesday, Nifty ended higher for the second consecutive session amid volatility, gaining around 37 points to close at 19,343.
Nifty formed a small negative candle on the daily chart with minor lower shadow.
“Technically, this pattern indicates minor upside bounce in the market with range bound action. The lower tops and bottoms continued on the daily chart and the present upmove of the last two sessions is expected to form a new lower top of the sequence,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
According to Shetti, the short term trend of Nifty remains choppy.
Also Read: 6 things that changed for market overnight: Gift Nifty, US jobs data among global market cues for Sensex today
Here’s what to expect from Nifty and Bank Nifty today:
Nifty
The Nifty index remained range-bound on August 29 as the market experienced a lacklustre performance.
“The support at the lower end remains solid at 19,245, serving as a barrier to prevent further declines. On the upper end, resistance is placed at 19,425; a breach of this level might lead to a more dependable rally. Expect a range-bound trading unless a clear breakout occurs on either side,” said Rupak De, Senior Technical analyst at LKP Securities.
Also Read: Day trading guide for today: Six buy or sell stocks for Wednesday —August 30
Bank Nifty
The Bank Nifty index traded sideways and ended flat on Tuesday.
“The option data reflects a broad range, with notable open interest concentrations at both the 44,000 put option and the 45,000 call option. In terms of immediate technical levels, the index faces a resistance obstacle at 44,650. A decisive breach above this level is anticipated to ignite a fresh upward movement, potentially steering the index towards the 45,000 mark,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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