Nifty 50, Sensex today: What to expect from stock market indices in trade on October 13

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 19,690 level as compared to the Nifty futures’ previous close of 19,842.

Nifty 50 formed a small negative candle on the daily chart with minor upper and lower shadow

The Indian stock market indices are likely to open on a weak note following negative global cues as Asian markets and Wall Street indices dropped.

The trends on Gift Nifty also indicate a gap-down start for the Indian benchmark index. The Gift Nifty was trading around 19,690 level as compared to the Nifty futures’ previous close of 19,842.

The domestic equity market ended with minor losses on Thursday dragged by IT stocks. The BSE Sensex slipped 64.66 points to 66,408.39, while the NSE Nifty 50 index settled 17.35 points lower at 19,794.00.

Nifty 50 formed a small negative candle on the daily chart with minor upper and lower shadow.

“Technically, this pattern indicates a type of spinning top formation after a small rise. But, the candle is placed beside the bullish candle of the previous session. The market action signals chances of minor short term weakness in the coming sessions," Nagaraj Shetti, Technical Research Analyst, HDFC Securities said.

According to Shetti, the overall chart pattern indicates buy on dips opportunity for short term.

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

Nifty 50

Nifty 50 remained in a range-bound pattern after a flat opening on Thursday.

“We can expect the market to continue this range-bound movement until Nifty makes a decisive breakout either above 19,850 or below 19,750. A clear breakout above 19,850, it could potentially propel Nifty towards the 20,000 level," said Rupak De, Senior Technical analyst at LKP Securities.

Bank Nifty

The Bank Nifty index consolidated and ended 82 points higher at 44,599.

“The Bank Nifty index continued its consolidation phase, encountering resistance at 44,700 and support at 44,400. The overall market sentiment remains bullish, and any dips should be considered as opportunities to initiate fresh long positions. The target is 45,000, where the highest open interest exists on the call side," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

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Shah expects a break above 44,700 to accelerate upward momentum, driven by fresh short-covering activities.

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.