Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain under pressure today amid mostly negative global cues. The GIFT Nifty futures traded 14 points or 0.07% higher at 19,778.5 in early morning trade. Asian markets were trading in red – China’s Shanghai Composite Index fell 0.23%, South Korea’s KOSPI dipped 0.27%, Hong Kong’s Hang Seng tumbled 1%, Asia Dow sank 0.61% and Japan’s Nikkei 225 tanked 1.21%. The US indices ended the overnight session in negative territory – Dow Jones Industrial Average (DJIA) plunged 0.67%, S&P 500 tanked 0.64% and the tech-heavy Nasdaq tumbled 0.55%. On Thursday, the Nifty 50 fell 0.60% or 118.40 points to settle at 19,659.90 while the Sensex tanked 440.38 points or 0.66% closing at 66,266.82. In sectoral indices, Nifty Bank fell 0.83%, Nifty FMCG slipped 0.69%, Nifty IT fell 0.19%, Nifty Auto slipped 1.21%, Nifty Media fell 0.22%, Nifty Metal slipped 0.35% and Nifty Oil & Gas fell 0.97% while Nifty PSU Bank rose 0.50%, Nifty Pharma soared 3.05% and the Nifty Realty index surged 2.12%.
NSE Nifty 50 Outlook
Nifty resistance at 19850–19880
“The profit booking may extend a bit and the support level of 19500 (20EMA) is likely to get challenged. This average has proven to be a strong base during previous price corrections in May and June, resulting in significant positive momentum. Therefore, it holds pivotal importance for the upcoming sessions, as a break below it may lead to meaningful profit booking in days to come. On the other hand, yesterday’s supply zone around 19850–19880 is expected to act as a stiff resistance, and only a breakthrough would trigger an upside momentum,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty could rally till 19875-19900
“On daily charts, the Nifty has formed a lower top and bearish candle which is indicating further correction from the current levels. For traders now, 19800 would be the key resistance zone and below the same, the correction wave is likely to continue till 19600-19550. On the flip side, above 19800 the market could rally till 19875-19900,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Bank Nifty Outlook
Bank Nifty resistance at 45850-46000
“After a bullish move, the Index has formed a bearish engulfing pattern on a daily time frame and closed near its crucial support zone of 45500-45600. The Index has closed below four days close after a rangebound move in the last week. A short-term correction can be expected if Bank Nifty trades below 45500 levels. Crucial levels on the downside will be 45600 followed by 45400; Resistance is placed at 45850 followed by 46000,” Mitesh Karwa, Research Analyst, Bonanza Portfolio Ltd.
Bank Nifty break below 45400 could escalate selling pressure
“Bank Nifty encountered strong resistance at the 46000 level, which is significant as it corresponds to the point with the highest open interest on the call side. This indicates that many traders had placed call options at this level, anticipating limited upside potential for the index. On the downside, the index found support around the 45400 level. A break below this support level could escalate selling pressure in the market, potentially leading to further downward movements in the index,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.