Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE NIfty 50 and BSE Sensex may trade lower today amid negative global cues. The Nifty futures on Singapore Exchanges (SGX) were trading 75 points or 0.40% lower at 18,799 in the early morning trade. Asian markets were trading broadly in red – Hong Kong’s Hang Seng tanked 1.07%, China’s Shanghai Composite index dipped 0.24%, Japan’s Nikkei 225 tumbled 0.50%, South Korea’s KOSPI fell 0.35%, and Asia Dow plunged 0.63%. The US market remained shut on Monday for Juneteenth National Independence Day. On Monday, the NSE Nifty 50 tanked 70.55 points or 0.37% to 18,755.45 and BSE Sensex tumbled 216.28 points or 0.34% to 63,168.30. In sectoral indices, Bank Nifty tumbled 304.40 points or 0.69% to 43,633.75, Nifty Private Bank sank 0.89%, Nifty Auto fell 0.62% while Nifty IT rose 0.42%, Nifty Pharma was up 0.17% and Nifty PSU Bank gained 0.96%.
NSE Nifty 50 Outlook
Nifty support at 18710-18682; resistance at 18780-18900
The whipsaw movement continues for Nifty as it alternates with up and down days. Dark cloud cover on daily chart formed. Intraday strategy: A follow-up candle can mean further downside for Nifty. Breach of PDL= 18719 first shorting window. First support at 18710 and then 18682 while resistance at 18780 and then 18900, according to Rahul Sharma, JM Financial.
Nifty key levels to watch: 18600-18550
”We continue to remain upbeat and will not be surprised to see Monday’s move as a whipsaw or deception as we witnessed on Thursday’s session. Key levels to watch are 18600 – 18550 as a sacrosanct zone, with 18700 serving as immediate support. On the upside, 18900 – 19000 poses an immediate hurdle,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty expected to remain volatile
“Increasing volatility is a sign of top or bottom and in this case, the probability turns in favour of a top. However, it needs to be confirmed by a breach of the crucial support zone which currently stands at 18650 – 18600. Thus, we should brace up for more volatility in the coming trading sessions. Crucial support levels to keep handy are 18650 – 18600 and 18880 – 18900 is the crucial resistance level,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty could retest 18850-18900
“On intraday charts, the Nifty is holding higher high and higher low series formation, which supports further uptrend from the current levels. For traders, 18680 would act as a sacrosanct support level. Above the same, the index could retest the level of 18850-18900. On the other hand, below 18680 traders may prefer to exit from the trading long positions. Below the same, the index could slip till 18650-18610,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Nifty OI data
Volume profile indicates Nifty has strong support around the 18650-18600 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18800 followed by 18900 strike prices while on the put side, the highest OI is at 18700 strike price.
Bank Nifty Outlook
Bank Nifty may consolidate in 43400–44500 range
“Bank Nifty is likely to consolidate in the range of 43400 – 44500 from a short-term perspective. On the upside, the recent swing high of 44500 is acting as a stiff resistance while on the downside 43400 where the 40-day exponential moving average is placed is acting as a crucial support. A decisive move beyond these extremes shall lead to a trending move in that direction,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.