Stock Market Today, Nifty, Bank Nifty: Domestic equity indices may remain under pressure today amid negative sentiment in global markets. The Nifty futures on the Singapore Exchange were trading 137.50 pts or 0.77% lower at 17,715.50 in the early morning trade. Asian markets were trading mostly lower with China’s Shanghai Composite index falling 0.17%, Hong Kong’s Hang Seng dropping 2.01% and South Korea’s KOSPI dipping 1.31% while Japan’s Nikkei 225 rose 0.18%. The US market ended the overnight session in the red territory falling over one and a half percent. The Dow Jones Industrial Average fell 1.72%, S&P 500 dropped 1.53% and the tech-heavy Nasdaq dipped 1.25%. On Monday, the NSE Nifty 50 rose 117.10 pts or 0.67% to 17,711.45 and BSE Sensex surged 415.49 pts or 0.69% to 60,224.46. In the sectoral indices, Bank Nifty rose 0.24%, Nifty Auto climbed 0.96%, and Nifty IT surged 1.22% while Nifty PSU Bank fell 0.23%, Nifty Realty dipped 0.52%.
Nifty 50 outlook today
Nifty support near 17650-17600 levels
“For Nifty, 17800-17900 could be the immediate profit booking zone for the bulls while 17650-17600 would be the sacrosanct support zone for the traders. However, below 17600 uptrends would be vulnerable,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty fall below 17650 may trigger steep correction
“On the daily chart, a shooting star kind of candlestick pattern has formed, suggesting a bearish reversal. A fall below 17650 may trigger a steep correction in the market. While a sustained trade above 17750 may induce buying in the market,” said Rupak De, Senior Technical Analyst at LKP Securities
Nifty now must surpass 17815 to advance closer to 18000 level
“The benchmark Nifty has maintained its 200 Day EMA of 17,583, forming a respectable bullish candlestick pattern on the daily charts. In order to advance closer to the 18000 level, the index must now surpass the 50-day EMA, which is close to 17815 levels. The volume profile indicates Index has strong support around the 17450-17550 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17800 followed by 18000 strike prices while on the put side, the highest OI is at 17500 strike price,” said Devan Mehata, Equity Research Analyst at Choice Broking.
Bank Nifty outlook today
Bank Nifty
“Bank nifty has support at 40900-41100 while resistance is placed at 41700-41900 range,” said Devan Mehata, Equity Research Analyst at Choice Broking.
Bank Nifty upside resistance at 42000
“Bank Nifty index witnessed some selling pressure from higher levels but the broader trend remains bullish and one should keep a buy-on-dip approach. The index lower-end support stands at 41000 where the highest open interest is built up on the put side and the upside resistance is at 42000. The index is likely to trade in this range for the next couple of trading sessions,” said Kunal Shah, Senior Technical Analyst at LKP Securities.