Nifty, Bank Nifty outlook today: Indices under pressure amid negative sentiment; check support, resistance

Indian benchmark equity indices to remain under pressure amid negative sentiment in the global markets. The trends on SGX Nifty, Asian and US markets suggest that Sensex and Nifty will stay in the red territory today. The Nifty futures on the Singaporean exchanges were trading 68 pts or 0.38% lower at 17,777.00 in the early morning trade. All major Asian markets were trading in the red. The US markets ended Tuesday’s session broadly lower with Dow Jones Industrial Average tanking 697.01 pts or 2.06% to 33,129.59, tech-heavy Nasdaq sank 294.97 pts or 2.50% to 11,492.30 and S&P 500 plunged 81.75 pts or 2% to 3,997.34. On Tuesday, the Sensex fell 18.82 pts or 0.03% to 60,672.72 and the Nifty 50 dipped 17.90 pts or 0.10% to 17,826.70.

Nifty Outlook:

Nifty immediate support at 17750

“Nifty bias remains negative as it falls back into the descending channel on the daily chart. Besides, the momentum oscillator RSI has entered a bearish crossover. On the lower end, immediate support is visible at 17750, below which the selling pressure may increase,” said Rupak De, Senior Technical Analyst at LKP Securities.

Nifty immediate hurdle at 17920-17950

“The range of consolidation for Nifty is likely to be 18150 – 17650. In terms of levels, 17920 – 17950 shall act as immediate hurdle one while on the downside the 17650 – 17600 which coincides with the 61.82% Fibonacci retracement level shall act as a crucial support to watch out for form a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

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US fed meeting minutes eyed

“Underpinned by inflationary concerns, the market is keenly eyeing the US fed meeting minutes for hints on further monetary policy tightening. Risk appetite was further hammered by FIIs turning net sellers and fear of El Niño,” said Vinod Nair, Head of Research at Geojit Financial Services.

Bank Nifty outlook:

Bank Nifty trading at critical support zone of 40500

“Bank Nifty is now trading at a critical support zone of 40500 and if it manages to stay above this level can witness a pullback rally towards 41,000-41,300 levels. The mentioned support if breached will lead to further sell-off towards 40,000 where a significant amount of put writing is visible,” said Kunal Shah, Senior Technical Analyst at LKP Securities.

Bank Nifty strong hurdle at 41100

“Bank Nifty has failed to break through the 42000 level and has fallen below the 40800 support level. There is a risk that it may revisit the low of 39400, which may coincide with its 200-DMA. On the upside, 41100 will act as a strong hurdle,” said Pravesh Gour, Sr. research analyst, Swastika Investmart.