What to anticipate from the stock market indexes trading on October 12 for Nifty 50 and Sensex

 What to anticipate from the stock market indexes trading on October 12 for Nifty 50 and Sensex

Following encouraging global signals, the Sensex and Nifty 50 stock market indexes are anticipated to start steady on Thursday.

The Gift Nifty indicators also point to a sluggish start for the Indian benchmark index. Compared to the Nifty futures' last finish of 19,851, the Gift Nifty was trading at approximately the level of 19,846.

On Wednesday, the local equities indexes continued to rise while following advances made by their international counterparts.

The NSE Nifty 50, which is more inclusive, rose 121.50 points to 19,811.35, while the BSE Sensex finished 393.69 points higher at 66,473.05 on the BSE.

On the daily chart, Nifty 50 produced a respectable bullish candle with a little upper shadow that indicated an upward continuation pattern. 

With a gap up opening, the Nifty saw a modest upward breakout of the immediate resistance of about 19,700-19,750 levels. This upside gap might be seen as a bullish breakaway gap. On the daily timeframe chart, higher peaks and bottoms were seen in minor positive chart patterns, according to HDFC Securities' Nagaraj Shetti, a technical research analyst.

He thinks the Nifty 50's short-term trend is still favorable and that a strong rise over the 19,800 level will soon push the index up to the next upside targets of 20,000 and 20,200.

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

Nifty

On Wednesday, the Nifty 50 index showed a positive trend. 

Following a breakthrough from an inverted head and shoulders pattern, the Nifty has pushed above the 200-period Simple Moving Average (SMA) on the hourly chart. The index is projected to keep growing in the near future. On the plus side, it may perhaps go close to the 20,000 mark, according to LKP Securities' Senior Technical Analyst Rupak De.

He noted that the support level is set between 19,700 and 19,750.

BNP Paribas

On the weekly F&O expiration day, the Bank Nifty index stayed stable and finished 157 points higher at 44,517.

On the day of expiration, the index went through a period of consolidation, with support and resistance levels at 44,400 and 44,700 respectively. "Buy on dip" strategy is suitable since the index's general undertone is still optimistic, according to Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.

Shah predicts that if the index is able to rise over the 44,700 level, it will likely continue to rise in the direction of the 45,000 level.