Stock Market Live Updates: Sensex sheds 130 pts, Nifty below 19,400; Apollo shines, Hindalco remains under pressure

• 16-Aug-2023
• 198

On August 14, Nifty witnessed a strong recovery from day’s low, taking support at the 50-day exponential moving average (EMA) of 19,250, and closed marginally higher. The index bounced back after intraday weakness on Monday and closed the day 6 points higher at 19,435.Nifty formed a small positive candle on the daily chart with upper and long lower shadow.“Technically, this pattern indicates a formation of high wave type candle pattern. Normally, such high wave formation after a reasonable decline or upside calls for impending trend reversal. Having declined recently, the chances of upside bounce is likely in the coming sessions," said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.