Nifty 50, Sensex today: What to expect from stock market indices in trade on November 20

The Indian stock market indices, Sensex and Nifty 50, are expected to open flat Monday amid mixed global cues.

The trends on Gift Nifty also indicate a tepid start for the Indian benchmark index. The Gift Nifty was trading around 19,809 level as compared to the Nifty futures’ previous close of 19,803.

The domestic equity benchmark indices ended lower on Friday after swinging between gains and losses.

The Sensex ended 187.75 points lower at 65,794.73 while the Nifty 50 declined 33.40 points to settle at 19,731.80.

Nifty 50 formed a small positive candle on the daily chart with a long upper shadow. The formation of long upper shadows in the last two sessions indicates presence of strong overhead resistance around 19,850 levels.

Also Read: 6 things that changed for the stock market over weekend – Gift Nifty to rally in Asian shares

“The positive chart pattern like higher tops and bottoms is intact as per daily chart and Thursday’s swing high of 19,875 could be considered as a new higher top of the sequence. Hence, any decline from here could open a possibility of higher bottom formation around 19,600 -19,550 levels in the coming sessions,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Shetti believes the near-term uptrend status of the market remains intact, but there is a possibility of some more consolidation or minor weakness for the Nifty in the next 1-2 sessions.

(Exciting news! Mint is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!)

Here’s what to expect from Nifty 50 and Bank Nifty today:

Nifty 50

The Nifty has largely traded within a range on November 17, showing a predominantly bullish sentiment.

“Over the past two to three days, a ‘buy on dips’ approach has been loved by the street since the Nifty crossed the crucial 19,500 mark. The trend is expected to stay positive as the Nifty consistently concludes trading sessions above the critical moving averages,” said Rupak De, Senior Technical analyst at LKP Securities.

According to him, support levels are situated at 19,630/19,500 on the lower end, while resistance is placed at 19,850/ 20,000 on the higher end.

Also Read: Buy or sell: Vaishali Parekh recommends three stocks to buy today — November 20

Bank Nifty

The Bank Nifty index opened with a gap down on Friday after the RBI’s announcement of tightening provisions for consumer loans. The index ended 578 points, or 1.31%, lower at 43,584.

“The Bank Nifty index’s next support is situated at the 43,300-43,250 zone, serving as a crucial line of defense for the bulls. If this level holds, it could pave the way for a potential recovery towards the 44,000 mark,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

However, Shah believes a breach of the mentioned support may intensify selling pressure, leading the index further down towards the 42,700 level on the downside.

Catch Live Market Updates here

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.