Stock Market Today, Nifty, Bank Nifty: Nifty and Sensex may remain volatile on F&O expiry. The US Federal Reserve hiked the key interest rate by 25 basis points on Wednesday as expected. The Nifty futures on the Singapore Exchange (SGX) were trading 30 pts or 0.17% lower at 17,128 in the early morning trade. Asian markets were mostly trading flat with China’s Shanghai Composite index rising 0.09%, Hong Kong’s Hang Seng climbing 0.03%, South Korea’s KOSPI falling 0.27% and Japan’s Nikkei 225 tanking 0.45%. The US market ended the overnight session in negative territory with Dow Jones Industrial Average tanking 1.63%, S&P 500 plunging 1.65% and the tech-heavy Nasdaq tumbling 1.60%. On Wednesday, the NSE Nifty 50 rose 44.40 pts or 0.26% to 17,151.90 and BSE Sensex climbed 139.91 pts or 0.24% to 58,214.59. The sectoral indices ended mostly in green. Bank Nifty rose 104.35 pts or 0.26% to 39,999.05, Nifty Financial Services climbed 0.32%, Nifty PSU Bank rose 0.83%, Nifty IT was up 0.19% and Nifty Pharma surged 1.04%.
Nifty first support at 17136 and then 17091
Nifty first support is placed at 17136 and then 17091 while resistance is placed at 17232 and 17283, according to Rahul Sharma, JM Financial Services Ltd.
Nifty below 17000 could retest 17000-16900
“For the traders now 17100/58050 would act as a sacrosanct support zone for Nifty/Sensex. Above the same, the market could move up to 17300-17325/58500-58700. On the flip side, below 17100/58050 selling pressure will likely accelerate. Below the same, the index could retest level of 17000-16900/57700-57600,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Market tone remains sideways
“Market tone still remains sideways as benchmark indices struggle to move upside convincingly until it moves above the 17450 level. Such minor corrections in the upcoming weeks cannot be ruled out. Nifty Put Call Ratio stands at 0.92. OI Data indicates, on the call side the highest OI was witnessed at 17500 followed by a 17400 strike price while on the put side, the highest OI remained at 17000 strike price,” Om Mehra, Equity Research Analyst at Choice Broking.
Nifty remains on buy-on-dip above 17000
“Nifty remains in a buy-on-dip mode as long as the index stays above 17,000. The immediate hurdle on the upside is at 17,200 where the highest open interest is built up on the call side. The index once surpassed the resistance will witness a sharp move on the upside toward the 17,500 level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Nifty to retrace till levels of 17460 – 17500
“We believe that the pullback is not yet complete and we expect it to continue over the next few trading sessions. On the upside we expect it to retrace till levels of 17460 – 17500 where resistance in the form of the 200-day moving average and also a gap formed on the 10th march is placed. On the downside, the immediate support stands at the lower end of the downward-sloping channel 16800 – 16830,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty outlook
Bank Nifty first support at 39977 and then 39860
Bank Nifty resistance placed at 40800
“Bank nifty has support at 39350 while resistance is placed at 40800,” said Om Mehra, Equity Research Analyst at Choice Broking.
Decisive breakout above 40000 may induce a rally in Bank Nifty
“On the higher end, the Bank Nifty has found resistance at the 14DMA during yesterday’s trade. The momentum indicator is in the bullish crossover. A decisive breakout above 40000 may induce a rally in the index, above which the index may move up towards 40500/41000 over the near term. On the lower end, support lies at 39500,” said Rupak De, Senior Technical Analyst at LKP Securities.