The Indian stock market indices are likely to open on a tepid note following mixed cues from global peers.
The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading flat at around 19,785 level as compared to the Nifty futures’ previous close of 19,768.
On Thursday, the benchmark equity indices extended rally for the fifth consecutive session to end over half a percent higher each.
The Sensex jumped 385.04 points to 66,265.56, while the Nifty closed 116.00 points higher at 19,727.05.
The Nifty formed a long bull candle on the daily chart that has surpassed the immediate resistance of 19,650 levels.
“The overall chart pattern is indicating a larger upside breakout of broader consolidation/triangle pattern of the last 5 weeks and this is opening a potential pattern upside target for Nifty around 20,000-20200 levels over the next couple of weeks,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
He believes any intra-week dips down to 19,550-19,600 levels could be a buy on dips opportunity.
Also Read: 5 things that changed for market overnight: Gift Nifty, Apple shares slump to global market cues for Sensex today
Here’s what to expect from Nifty, Sensex, Bank Nifty today:
Nifty
The bulls were able to push Nifty higher following a range-bound trading period in the preceding few days.
“The sentiment remains positive as long as the index sustains above 19,550. On the higher end, gains may extend to the range of 19,900 to 20,000 in the near term, provided that bullishness in the market continues to increase,” said Rupak De, Senior Technical analyst at LKP Securities.
Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — September 8
Bank Nifty
The Bank Nifty index rose 469 points to 44,878 on Thursday forming a long bullish candlestick pattern on the daily timeframe.
“The Bank Nifty index has recently experienced a fresh breakout on the daily chart. This breakout was accompanied by a notable increase in trading volumes. TA robust support level has formed at 44,500, which also coincides with the index’s 20-day moving average (20DMA). This level is expected to provide significant support to the index,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
The index successfully closed above the previous day’s high, establishing a bullish undertone for the near term.
Shah believes the Bank Nifty index has the potential to reach upside targets in the range of 45,200 to 45,500.
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.
Milestone Alert!Livemint tops charts as the fastest growing news website in the world 🌏 Click here to know more.
Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
Download the Mint app and read premium stories
Log in to our website to save your bookmarks. It’ll just take a moment.
You are just one step away from creating your watchlist!
Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
Your session has expired, please login again.
You are now subscribed to our newsletters. In case you can’t find any email from our side, please check the spam folder.
This is a subscriber only feature Subscribe Now to get daily updates on WhatsApp