Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain volatile amid mixed global cues. The Nifty futures on Singapore Exchanges (SGX) were trading 26 points or 0.14% higher at 18,730 in the early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng jumped 1.5%, Asia Dow rose 0.1%, China’s Shanghai Composite Index gained 0.5% while Japan’s Nikkei 225 tanked 0.84% and South Korea’s KOSPI dipped 0.12%. The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) dipped 0.04%, S&P 500 tumbled 0.45% and the tech-heavy Nasdaq tanked 1.16%. On Monday, the NSE Nifty 50 rose 25.70 points or 0.14% to 18,691.20 and BSE Sensex dipped 9 points to settle at 62,970. In sectoral indices, Bank Nifty rose 18.15 points to 43,641.05, Nifty Auto jumped 1.15%, Nifty Pharma surged 1.53% and Nifty FMCG gained 0.68% while Nifty PSU Bank fell 0.18%.
NSE Nifty 50 Outlook
Nifty support at 18645-18555
Nifty rangebound set up between 18645 and 18750. Short if we close below 18645. First support at 18645 and then 18555 while resistance at 18750 and 18800, according to Rahul Sharma, JM Financial.
Nifty could slip till 18600-18550 if it trades below 18650
“After a short-term correction, the Nifty witnessed range-bound activity near 18650 or 20-day SMA (Simple Moving Average) important support level. For day traders, 18725 would be the key resistance level while 18650 could be the crucial support zone. Above 18725, a fresh uptrend rally could be seen till 18800-18820. On the flip side, below 18650 selling pressure is likely to accelerate and could slip till 18600-18550,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Nifty resistance at 18880–18900
“The daily and hourly momentum indicators are providing divergent signals which may create volatility. Overall, the bulls have managed to defend the average support which is a sign of strength. In terms of levels, 18650–18600 shall act as a crucial support zone for Nifty 50 while 18880–18900 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty trend remains complex as long as it stays in 18500-18800 range
“Nifty on the lower end, found support at the 21EMA on the daily timeframe. The trend remains complex as long as it stays within the bands of 18500-18800. A decisive breakout on either side might trigger a directional move. Till then we expect a market where the dips would be bought and rises would be sold into,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty breach below 18650-18600 could disrupt nearby trend
“There have been no significant changes in the chart structure and even with the small ‘Doji’ formation, the market seemed quite indecisive. As far as levels are concerned, a decisive closure above the 18720-18750 zone would only affirm the strength in the benchmark. Whereas on the downside, 18650-18600 is likely to act as a critical support zone and any breach below the same could disrupt the nearby trend in the market,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.
Bank Nifty Outlook
Bank Nifty support at 43411-43134
Bank Nifty first support at 43411 and then 43134 while resistance at 43868 and then 44047, according to Rahul Sharma, JM Financial.
Bank Nifty descending trendline resistance at 44000
“Bank Nifty continues to trade within a range, forming consecutive small-body candles on the daily chart. The range is coiling between the 20EMA and 50SMA, indicating a potential imminent breakout. The zone of 43300-43500 has served as a rock-solid support level for over a month. Conversely, a descending trendline resistance is observed around 44000 levels,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Bank Nifty may fall to 42000 if it breaks below 43400
“Bank Nifty continues to witness a battle between the bulls and bears. It has support at the 43400 level, while the resistance is observed at 44000, where the highest call writing is visible. If the index breaks down below the 43400 level, it may experience further correction toward the 42000 mark,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Bank Nifty stuck in 44000–43500 range
“Bank Nifty traded within a narrow range and formed an inside bar pattern on the daily charts. The 20-day moving average of 43976 acted as a stiff resistance and the index was unable to surpass it. The Bank Nifty is still stuck in a range and until the zone of 44000–43500 is not decisively breached on either side the range-bound action is likely to continue,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty may rise to 45000 if it closes above the range of 44200-44300
“If Bank Nifty closes above the range of 44200-44300 it will start moving towards 45000 in the coming weeks. The resistance is at around 43800, 43900 and the support is at around 43500, 43500. Till the time Bank Nifty breaks this range it is expected to remain sideways. Technical indicator RSI is at around 48 whereas the 200 EMA is at 41478,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.