Nifty 50, Sensex Today: What to Expect from Indian Stock Market in October 17 Trade

The Indian stock market benchmark indices Sensex and Nifty 50 are likely to open on a tepid note on Friday, tracking weak global market cues. The trends on Gift Nifty also indicate a negative start for the Indian benchmark index. The Gift Nifty was trading around 25,613, a discount of nearly 43 points from the Nifty futures’ previous close. On Thursday, the Indian stock market witnessed a stupendous rally, extending gains for the second consecutive session, with the benchmark Nifty 50 closing above 25,500 level. The Sensex jumped 862.23 points, or 1.04%, to close at 83,467.66, while the Nifty 50 settled 261.75 points, or 1.03% higher, at 25,585.30. Here’s what to expect from Sensex, Nifty 50, and Bank Nifty today: Sensex Prediction Sensex has formed a bullish candle on daily charts, and is holding an uptrend continuation formation on intraday charts, which is largely positive. “We believe that the short-term market texture is bullish, but due to temporary overbought conditions, we may see range-bound activity in the near future. For traders, 83,200 – 82,900 will now act as key support zones for Sensex. However, on the higher side, 83,800 – 84,000 will be the bull below 84,000. the uptrend will become vulnerable,” he said. Shrikant said Chouhan, Head Equity Research, Kotak Securities. Nifty OI Data In the derivative segment, the highest Nifty Call Open Interest (OI) was observed at the 25,600 and 25,700 strikes, while maximum Put OI was concentrated at the 25,500 and 25,400 strikes. “This OI setup indicates a strong support base around 25,500 – 25,400, while resistance is likely to emerge near the 25,600 – 25,700 zone. A decisive move beyond this resistance range could further strengthen bullish momentum in the near term,” said Hardik Matalia, Derivative Analyst – Broking Research at Choice Equity. Nifty 50 Prediction Nifty 50 index formed a strong bullish candle with a higher high and higher low, indicating the continuation of the positive momentum. “A long bull candle formed on the daily chart, which crossed the crucial overhead resistance of 25,400 – 25,500 levels (downward sloping trend line as per daily/weekly chart). Previous swing high of 25,669 in early July is now on the verge of breakout. Greater degree bullish pattern like higher tops and lower week is now on chart in 0. line with the new higher top formation of the sequence,” says Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities. According to him, the underlying trend of Nifty 50 remains positive and the market is likely to move up further in the short term. “A sustained move above 25,600 – 25,700 levels could pull Nifty 50 towards the next bullish target of around 26,000 – 26,200 levels in the near term,” Shetti said. Nilesh Jain, Head – Technical and Derivatives Research Analyst (Equity Research), Centrum Broking noted that the Nifty 50 index has broken out above a major bearish trendline connecting all key tops since the previous record high of 26,277, indicating the potential for further upside in the coming sessions. “On the derivatives front, fresh long positions are being built, reinforcing the bullish sentiment. Momentum indicators and oscillators continue to indicate a buy on both daily and weekly charts. Overall, the trend remains positive, with Nifty 50 likely to move towards 25,800 – 26,000 levels in the short term, while support has now moved higher towards 2.5,” 40 says. Dr. Hedged.in Vice President Praveen Dwarakanath said that the momentum indicators on the weekly chart indicate strong momentum and suggest that prices may continue to move much higher. “Nifty 50 is likely to move towards its all-time high of 26,250 before this month’s expiry. The ADX DI+ line is sloping upwards, with the ADX DI line sloping downwards on the weekly chart, indicating further upside in the index. The index closed near the upper Bollinger band; a close in the coming days could indicate above the daily chart,” said Dwarakanath. Bank Nifty Prediction Bank Nifty rose 622.65 points, or 1.10%, to close at 57,422.55 on Thursday, forming a bullish candle on the daily chart, reflecting continued strength. “Immediate support for Bank Nifty is placed near the Bullish gap zone, which is around 56,920. As long as the index holds above 56,920, the ongoing bullish momentum is likely to continue. On the upside, major resistance for Bank Nifty is placed near 57,630. If the index sustains above this level, the 5005r, the -005rr, to 5005rr levels can therefore be traders are advised to adopt a buy-on-deep strategy in Bank Nifty for the short term,” said Hrishikesh Yedve, AVP Technical and Derivatives Research, Asit C. Mehta Investment Intermediates Ltd. Sudeep Shah, Head – Technical and Derivative Research at SBI Securities said that the Bank Nifty is trading above its key moving averages, which is also in an uptrend direction and is also in an uptrend. good luck This reinforces the view that the index is in a well-supported uptrend. “Given the current chart structure and momentum, Bank Nifty is likely to maintain its upside bias and test the 58,000 level in the short-term. On the downside, the 57,100-57,000 zone will act as a crucial support area, and a sustained move above this range will keep the bullish setup intact,” Shah said. According to Bajaj Broking Research, Bank Nifty has formed a bulkers with a higher high and higher low and a bullish gap below its base, highlighting the continuation of the positive momentum. “With prices holding above key moving averages, the short-term bias remains upward. The Bank Nifty index is likely to test our target of 58,000, which is the 161.8% external retracement of the previous move up (53,561 – 55,835), as projected from the recent trough of 54,270 media support of 54,270 will act as Thursday. for the index The RSI (14) at 66 indicates healthy momentum, suggesting strength in the uptrend. Any declines should be seen as buying opportunities within this constructive setup,” Bajaj Broking Research said. Disclaimer: The views and recommendations made above are those of individual analysts or brokerage firms, and not of Mint. We advise investors to check with certified experts before making any investment decisions.