The Sensex and Nifty 50 indexes in India are set to begin lower on Monday, mirroring mixed indications from global counterparts amid escalating geopolitical concerns in the Middle East. Gift Nifty indicators also point to a slow start for the Indian benchmark index. The Gift Nifty was trading at the 19,648 level, compared to the …
The Sensex and Nifty 50 indexes in India are set to begin lower on Monday, mirroring mixed indications from global counterparts amid escalating geopolitical concerns in the Middle East. Gift Nifty indicators also point to a slow start for the Indian benchmark index. The Gift Nifty was trading at the 19,648 level, compared to the previous closing of the Nifty futures at 19,688.
The weekend fighting between Israel and Hamas erupted, which is expected to weigh on market sentiment. Domestic benchmark indexes finished more than 0.5 percent higher on Friday as the Reserve Bank of India (RBI) kept policy rates and outlook unchanged. The Nifty 50 concluded 108 points higher at 19,653.50, while the Sensex closed 364 points higher at 65,995.63.
On the daily chart, the Nifty 50 made a little positive candle with a minor upper and lower shadow. Nifty 50 made a tiny bullish candle with a long lower shadow on the weekly chart. “A bullish hammer type candle pattern has formed at the support of the 20-week EMA (exponential moving average).” “Another 10-week EMA support has been re-established after falling below it during the week,” said Nagaraj Shetti, Technical Research Analyst at HDFC Securities. He feels the Nifty 50’s short-term trend has turned positive, and the overall bullish chart pattern implies that the Nifty will face upward resistance around 19,800 levels in the next week.
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