Share Market outlook today: Nifty, Bank Nifty may fall amid unfavourable global cues; check support, resistance

Nifty and Bank Nifty Today: Nifty support at 18328-18297 while resistance at 18409-18460. Bank Nifty support at 43871-43798 while resistance at 44049-44154.

Nifty and Bank Nifty may fall today
Nifty and Bank Nifty Trading: For NSE Nifty 50, 18300 would serve as a key support level and above that point, the NSE index may rise to 18450–18500.

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain under pressure today amid negative global cues as representatives of President Joe Biden and congressional Republicans ended another round of debt ceiling talks on Tuesday with no signs of progress. The Nifty futures on the Singapore Exchange (SGX) were trading 70 points or 0.38% lower at 18,291.5 in today’s early morning trade. Asian markets were trading in red – Japan’s Nikkei 225 tanked 1.10%, Hong Kong’s Hang Seng fell 0.74%, China’s Shanghai Composite index plunged 0.80% and South Korea’s KOSPI dipped 0.20%. The US market ended the overnight session deeply in red – Dow Jones Industrial Average (DJIA) fell 0.69%, S&P 500 tumbled 1.12% and the tech-heavy Nasdaq plunged 1.26%. On Tuesday, the Nifty 50 rose 33 points or 0.18% to 18,348 and Sensex rose 18.11 points or 0.03% to end at 61,981.79. In sectoral indices, Bank Nifty climbed 69.35 points or 0.16% to 43,954.45 and Nifty IT fell 133.60 points or 0.46% to 28,873.70. 

NSE Nifty 50 Outlook

Nifty first support at 18328 and then 18297

Nifty first support at 18328 and then 18297 while resistance at 18409 and then 18460, according to Rahul Sharma, JM Financial.

Nifty could fall to 18200–18175 if it breaches 18300 

“Currently, 18300 would serve as a key support level for traders. Above that point, the sentiment will probably stay favourable. Above that point, the index may rise as high as 18450–18500. On the other hand, selling pressure is likely to increase below 18300. The nifty could decline until 18200–18175 below the same,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Nifty strong support zone at 18050-18100

“A breakthrough at 18450-18500 would ignite a fresh wave of positive momentum in the market. Until then, traders are advised to buy on dips and book profits at higher levels. In terms of support levels, 18200 is the immediate support, while a stronger support zone exists between 18050-18100 levels,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.

Nifty immediate hurdle at 18420–18450

“We believe that the Nifty is in a consolidation mode and the range of consolidation is likely to be 18000–18400. In terms of levels, 18420–18450 shall act as the immediate hurdle while 18170–18150 is the crucial support zone to watch out for on the downside,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP.

Nifty key support at 18211, formidable hurdles at 18501

“Caution becomes the buzzword, with attention focused on key support at the 18211 mark and formidable hurdles at 18501. Keep a watchful eye, as the near term remains uncertain,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Bank Nifty Outlook

Bank Nifty first support at 43871 and then 43798

Bank Nifty first support at 43871 and then 43798 while resistance at 44049 and then 44154, according to Rahul Sharma, JM Financial.

Bank Nifty to remain directionless until 43446-44095 are taken out

“Bank Nifty still is trading in a narrow range of 43446-44095. Unless these levels are taken out, Bank Nifty is directionless. Also, Private Banking stocks witnessed some profit booking from higher levels as well,” said Om Mehra, Equity Research Analyst at Choice Broking.

Bank Nifty resistance at 44100

“Bank Nifty found immediate support at 43500 and faced resistance at 44100, highlighting key levels to watch. A break above or below this range could trigger significant directional moves in the market. Traders and investors should closely monitor the index for a potential shift in momentum,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

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First published on: 24-05-2023 at 08:37 IST