What to anticipate from the stock market indices in trade on October 10 for Nifty 50 and Sensex

 What to anticipate from the stock market indices in trade on October 10 for Nifty 50 and Sensex

Even while investors continue to keep an eye on the Israel-Palestine crisis, the Indian stock market indices are expected to open higher on Tuesday, matching advances in Asian rivals.

The Gift Nifty patterns also suggest that the Indian benchmark index will begin with a gap-up. The Gift Nifty was trading at roughly 19,615 vs the previous close of 19,522 for the Nifty futures.

The escalating Israel-Palestine battle alarmed investors, and the local equity indices, the Sensex and Nifty 50, ended the day substantially lower, interrupting a two-day winning streak. The Sensex closed 483 points lower at 65,512.39 while the Nifty 50 dropped 141 points to conclude at 19,512.35.

On the daily chart, Nifty 50 created a tiny negative candle with an upper shadow. 

Technically, this pattern suggests that there is a sell on rise opportunity for the stock price and a lower top formation. This is a bad sign, and there may be further deterioration in the near future, according to HDFC Securities' Nagaraj Shetti, a technical research analyst.

According to a weekly period chart, the bullish hammer candle pattern that formed last week is still in force, he continued.

What to anticipate from Nifty 50 and Bank Nifty today is as follows:

Nifty 50

The Nifty 50 fell as a result of investors moving into a risk-off state as a result of Middle Eastern geopolitical unrest. 

On the hourly chart, the 200SMA (located around 19,670) served as a key resistance throughout Friday's trading session, which caused the index to decrease from a technical perspective. Support on the downside can be located between 19,480 and 19,430, according to Rupak De, Senior Technical analyst at LKP Securities.

He thinks that until Nifty crosses the 19,700 level, the market may continue to display a "sell on the rise" mindset.

BNP Paribas

On Monday, the Bank Nifty experienced selling pressure and finished 474 points lower at 43,887.

The Bank Nifty index keeps falling as long as it is below the crucial 44,000 level. As long as the index is below the important moving average, weakness is anticipated to linger, according to De.

He believes that immediate support is located between 43,800 and 43,500 on the bottom end, while 44,000 is where resistance is located on the upper end.