Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain under pressure today amid mostly negative cues. The Nifty futures on the Singapore Exchange (SGX) were trading 34.5 points or 0.19% higher at 18,345.5 in today’s early morning trade. Asian markets were trading in red – Hong Kong’s Hang Seng fell 0.48%, China’s Shanghai Composite tanked 0.85%, South Korea’s KOSPI dipped 0.04% and Japan’s Nikkei 225 plunged 0.44% on Wednesday. The US market ended the overnight session deeply in red – Dow Jones Industrial Average (DJIA) fell 0.17%, S&P 500 plunged 0.46% and the tech-heavy Nasdaq tumbled 0.63%. On Tuesday, the NSE Nifty 50 closed at 18,265.95 and the 30-share BSE Sensex settled at 61,761.33. In sectoral indices, Bank Nifty fell 85.85 points or 0.2% to 43,198.15, Nifty PSU Bank tanked 113.3 points or 2.75% to 4,001.8 while Nifty IT jumped 204.55 points or 0.73% to 28,125.5.
NSE Nifty 50 outlook
NSE Nifty 50 first support at 18230 and then 18200
NSE Nifty 50 failed to attract fresh buying above 18300 and slipped to close flat for the day. Fresh longs only if it sustains above 18300. Short below18200. First support at 18230 and then 18200 while resistance at 18300 and 18340, according to Rahul Sharma, JM Financial.
Nifty can witness correction in range of 18000–18350
“The Nifty is finding resistance around 17350 and the momentum indicator is also not supportive, so it can lead to a consolidation in the short term. On the way down the Nifty can slip down till 18170–18150 where the key hourly moving average is placed. Overall, the Nifty can witness correction in the range of 18000–18350 from a short-term perspective. In terms of levels, 18170–18150 shall act as a crucial support zone while 18330–18350 shall act as an immediate hurdle zone for the Nifty,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
NSE Nifty 50 may face resistance at 18290-18330
“Nifty’s 18000 level is very important for this month’s expiry series. As of now month TF candlestick is positive. Yesterday Nifty traded in a small range compared to the last 3 days. In case of a flat or slight gap opening 18220/18150/18110/17950 will act as a key support level. Nifty50 may face resistance at 18290/18330,” said Ashish N. Ambala (Sr. Technical Analyst), Stock Market Today (SMT).
Nifty needs to surpass 18250-18300 for continuation of the uptrend
“Nifty’s placement at the sturdy hurdle of 18250-18300, needs to be surpassed for the continuation of the uptrend. As far as levels are concerned, a decisive closure beyond the mentioned range could only trigger fresh longs in the system. Whereas on the downside, 18200-18150 is likely to provide a cushion from any intraday blip,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Nifty may rally to 18500-18550 only if it sustains 18350
“If Nifty sustains 18350 levels we can expect a rally to 18500-18550 levels. However, the Nifty formed a bearish pattern in the daily chart would be short-term concerning. Indicators such as RSI and MACD remained in the neutral zone. Coming to the OI Data, on the call side, the highest OI was observed at 18500 followed by 18600 strike price while on the put side, the highest OI was at 18100 followed by 18000 strike price,” said Om Mehra, Equity Research Analyst at Choice Broking.
Bank Nifty outlook
Bank Nifty first support at 43048 and then 42894
Short Bank Nifty below 43000 for the target of 42600. Set stop loss at 43200. Bank Nifty first support at 43048 and then 42894 while resistance at 43435 and then 43668, according to Rahul Sharma, JM Financial.
Bank Nifty resistance placed around 43800
“Bank Nifty has support at 42500-42300 zone while resistance is placed at 43800. The long-term investor may opt for selective mid-cap and small-cap stocks in addition to large-cap, which currently look appealing,” said Om Mehra, Equity Research Analyst at Choice Broking.
If Bank Nifty breaches 42800 then 42500 will be strong demand zone
“Pressure can be seen in the Bank Nifty. The banking index’s next immediate resistance is at 43420/43530/43570/43700 and support areas would be 43150/43020/ 42800 if 42800 breakdowns 42500 will be a strong demand zone for Bank Nifty,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
If Bank Nifty breaks 43500, it could indicate shift toward bullish trend
“Bank Nifty support is at 42800, which is expected to act as a cushion for the bulls. This means that if the index falls to this level, buyers are expected to enter the market and push the price back up. Resistance is at 43500, which is a level that the index needs to surpass in order to reach an all-time high. If the price manages to break through this level, it could indicate a shift toward a bullish trend for the index,” said Kunal Shah, Senior Technical and Derivative analyst at LKP Securities.
Bank Nifty undertone remains bullish as long as it holds 43000
“Bank Nifty is seen to be trading in a higher high higher low formation on the daily timeframe but is facing rejection from 43500 levels. The undertone remains bullish as long as it holds 43000 as put writers are fiercely active on 43100 and 43000 and call writers are active on 43300 and 43500. Buy on dip strategy can be implemented for targets of 43700. Technical indicator RSI is at around 62 and is showing strength by sustaining above 50 levels. Bank Nifty support at 43200, 43100 and 43000 and resistance at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.