Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex stare at a negative start amid unfavourable global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 38 points or 0.21% lower at 18,291.5 in today’s early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng fell 0.33% and China’s Shanghai Composite index dipped 0.33% while South Korea’s KOSPI was up 0.47% and Japan’s Nikkei 225 climbed 0.73%. The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) tanked 1.01%, S&P 500 was down 0.64% and the tech-heavy Nasdaq dropped 0.18%. On Tuesday, the NSE Nifty 50 tanked 112.35 points or 0.61% to 18,286.5 and BSE Sensex plunged 413.24 points or 0.66% to 61,932.47. In sectoral indices, Bank Nifty tumbled 168.40 points or 0.38% to 43,903.70, Nifty Auto fell 130.15 points or 0.93% to 13,877.70 while Nifty PSU Bank rose 28.90 points or 0.72% to 4,049.70.
NSE Nifty 50 Outlook
Nifty first support at 18195 and then 18100
Bearish engulfing candle is seen on the daily charts for Nifty. The index’s bias is negative below 18400 for 18195. First support at 18195 and then 18100 while resistance at 18400 and then 18430, according to Rahul Sharma, JM Financial.
Nifty may face resistance at 18633–18699
“NSE Nifty 50 immediate support level is at the 9-DMA of 18264, and if it falls below, the next demand zone is at 18120–18000. On the upside, if the Nifty breaches the 18476 level, it could face resistance at 18633–18699,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Nifty’s biggest support to watch is at 18211
“If Tuesday’s profit booking is any indication, then Nifty’s biggest support to watch is at the 18211 mark and below the same, expect a waterfall of selling towards the 17383 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Nifty expected to rise until index trades above 18400
“Profit-taking is likely to continue on the daily chart. Above the 18400 level, the Nifty might face resistance, below that level, it might retest the 18200 level. Hence, the index is expected to continue rising in the future until the index trades above 18400. On the upside, support lies at 18,200, followed by 18,130 and 18,000,” said Rohan Shah, head technical analyst at Stoxbox.
NSE Nifty 50 may fall to 18200-18100
“If weakness persists in the morning session, then further profit booking may push NSE Nifty 50 towards 18200 and then 18100 in the near term. Nevertheless, the overall sentiment remains strongly bullish. The levels of 18400 to 18500 can now be considered an immediate hurdle,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty may continue to exhibit weakness and drift towards 18200
“Over the short term, it is expected that the Nifty will continue to exhibit weakness and could potentially drift towards the support level of 18200. A decisive drop below this support level may trigger additional selling pressure in the market. On the upside, resistance is observed at 18300 and 18500,” said Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty Outlook
Bank Nifty first support at 43777 and then 43674
Bank Nifty formed a dark cloud cover on daily charts. The index’s bias is negative below 44000 for 43750/43600. First support at 43777 and then 43674 while resistance at 44049 and then 44218, according to Rahul Sharma, JM Financial.
Bank Nifty target levels to watch for are 44152, 44444 and 45000
“Bank Nifty has paused near its all-time high and shows some divergence in momentum indicators, suggesting a likelihood of profit booking. The immediate support level is at 43500, while a major support base can be found at 43000. Above the 44152 level, the next target levels to watch for are 44444 and 45000,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Bank Nifty may witness further correction towards 43,500
“Bank Nifty, if sustains below 44,000, can witness further correction towards 43,500 where the highest open interest is built up on the put side. The momentum indicator RSI is showing negative divergence which confirms the bearishness,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.