Share Market outlook today: Nifty, Bank Nifty may remain volatile amid mixed cues; check support, resistance

Nifty and Bank Nifty Today: Nifty first support at 18130 and then 18400 while resistance at 18300 and 18400. Bank Nifty first support at 43337 and then 43034 and resistance at 43819 and then 43998.

Nifty and Bank Nifty: Domestic indices may remain volatile today.
Nifty and Bank Nifty Trading: Nifty current uptrend might remain in force as long as it sustains above 18200.

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may remain volatile on Friday amid mixed global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 31 points or 0.17% lower at 18,253.5 in today’s early morning trade. Asian markets were trading in green – Hong Kong’s Hang Seng jumped as much as 1.05% to 20151 points on Friday morning. China’s Shanghai Composite was marginally down 0.3%. South Korea’s KOSPI and Japan’s Nikkei 225 remained closed on Friday. The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) tanked 0.86%, S&P 500 plunged 0.72% and the tech-heavy Nasdaq tumbled 0.49%. On Wednesday, the NSE Nifty 50 jumped 165.95 points or 0.92% to 18,255.8 and BSE Sensex surged 555.95 points or 0.91% to 61,749.25. In sectoral indices, Bank Nifty skyrocketed 372.75 points or 0.86% to43,685.45, Nifty Financial Services soared 297.1 points or 1.55% to 19,479.35 and Nifty PSU Bank zoomed 51.15 points or 1.23% to 4,194.35.

Nifty outlook

Nifty first support at 18130 and then 18400

“Nifty weekly close above 18100 today should catapult us towards the next target of 18600 in the coming weeks and a new all-time high by June. Look to buy dips if any. First support at 18130 and then 18400 while resistance at 18300 and 18400,” said Rahul Sharma, JM Financial.

Nifty immediate hurdle lies at 18350–18370

“The low of 18042 made on 3rd May 4, 2023, shall act as a crucial support level and as long as the nifty manages to hold above this level it is likely to keep stretching higher. On the upside the immediate hurdle lies at 18350 – 18370 where the weekly upper Bollinger band is placed. In terms of levels, 18074 – 18050 shall act as a crucial support zone while 18350 – 18370 is the immediate hurdle zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Nifty outlook remains positive

“Nifty outlook is positive and levels of support moved from 17450 to 17820 and are now at 17950. The volume profile indicates Index has strong support around the 17950-18050 zone.  Coming to the OI Data, on the call side, the highest OI observed at 18400 followed by 18500 strike prices while on the put side, the highest OI is at 18200 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.

Nifty may march towards 18350–18500

“Nifty has managed to confirm a decisive breakout above 18200, we are well poised to continue this march towards the next junction of 18350 – 18500. On the flip side, 18100 – 18000 has become a sacrosanct support zone now,” said Sameet Chavan, Head Research, Technical, and Derivatives, Angel One Ltd.

If Nifty breaches below 18000 levels then next support will be 17800

“We will consider buying the Nifty on every dip as the trend is our friend and presently the trend is on the higher side. The support for the Nifty is placed at around 18,050 – 18,000 levels and resistance is capped at 18,400 – 18,450 levels. In case the Nifty breaches below 18,000 levels, than 17,800 will be the next support zone,” said Rohan Patil, Technical Analyst, SAMCO Securities.

Nifty current rally may extend towards 18500

“Nifty current uptrend might remain in force as long as it sustains above 18200. On the higher end, the rally might extend towards 18500,” said Rupak De, Senior Technical Analyst at LKP Securities.

Nifty expected to continue to rise until above 18300

“Nifty will continue its upward movement if it stays above the 18300 level on a close  basis. If  Nifty rises above 18,300  and closes above that level, it has a probable target of 17,500 to 17,600 and could go higher. Therefore,  the index is expected to continue rising until above 18300. On the downside,  the support is at 18,000 followed by 17,860 and 17,700,” said Rohan Shah, head technical analyst at Stoxbox.

Nifty may face resistance at 18310,18420 and 18470

“Nifty may soon target 18500 (May Expiry). Nifty’s immediate support range is 18150-18120 and if this breaks it down and sustains below this level, the next imp support level is 18070 & 18030. In this uptrend’s movement, Today Nifty will face resistance at 18310,18420 and 18470,” said V.L.A. Ambala, (SEBI Registered Research Analyst), Stock Market Today.

Bank Nifty outlook

Bank Nifty first support at  43337 and then 43034

Bank Nifty first support at  43337 and then 43034 and resistance at 43819 and then 43998, according to Rahul Sharma, JM Financial.

Bank Nifty resistance placed at all-time high levels of 44150-44300

“Bank Nifty outperformed the markets, remaining above 43500 and closing at 43700, with HDFCBANK and HDFC closing at new highs. The index has support at 43100-43300 while resistance is placed at the all-time high levels of 44150-44300 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.

Bank Nifty expected to remain bullish asa long as it holds above 43500

“Bank Nifty trend for the coming week is expected to be sideways to bullish with the possibility of a new all-time high as bulls are in control. Important support zones for the index are around 43500, 43350 and 43200 whereas the resistance is placed at 43700, 43850 and 44000 above which it will start moving towards new highs. Till the time the index is above 43500, it is expected to remain bullish as options data is indicating strength,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.

Bank Nifty potential target placed at 44000/44300

“Bank Nifty index continued its strong momentum on the upside and surpassed the immediate hurdle of 43,500. The index remains in a strong buying momentum and one should keep a buy-on dip approach with potential targets of 44,000/44,300 on the upside. The lower-end support is at the 43,400-43,300 zone which will act as a cushion for the bulls,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.

Bank Nifty major resistance at 44000-44030

“Bank Nifty levels of 43550-43480 will act as immediate support. If this breaks down the next support level is 43490 (Ideal in case of flat or slightly gap opening). Resistance is seen at 43800, 43865, 43920 and if the price shows strength above 43920 also next target and major resistance will be at 44000-44030,” said Ashish N. Ambala, Sr, Technical Analyst at Stock Market Today.

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First published on: 05-05-2023 at 08:55 IST