Stock Market Today, Nifty, Bank Nifty: Nifty and Sensex may remain volatile on the week’s last trading session as Finance Minister Nirmala Sitharaman will list the Finance Bill 2023 in the Lok Sabha today. The Nifty futures on the Singapore Exchange (SGX) were trading 39 pts or 0.23% to 17,044.50 in the early morning trade. Asian markets were trading in red with China’s Shanghai Composite index falling 0.49%, Hong Kong’s Hang Seng dipping 0.14%, South Korea’s KOSPI declining 0.73% and Japan’s Nikkei 225 dropping 0.23%. The US market ended the overnight session in the positive territory with Dow Jones Industrial Average rising 0.23%, S&P 500 climbing 0.30% and the tech-heavy Nasdaq surging 1.01%. On Thursday, the NSE Nifty 50 fell 84.90 pts or 0.49% to 17,067 and BSE Sensex tanked 289.31 pts or 0.50% to 57,925.28. In the sectoral indices, Bank Nifty fell 382.15 pts or 0.96% to 39,616.90, Nifty Financial Services fell 0.65%, Nifty PSU Bank tanked 1.74%, Nifty IT fell 0.77%, Nifty Pharma rose 0.22%.
Nifty outlook
Nifty first support at 17045 and then 16970
Nifty short-term view remains choppy with a bearish undertone as it closed below 17110. Bulls need to reclaim 17210 for any salvage. First support is placed at 17045 and then 16970 while the resistance is placed at 17210 and 17300, according to Rahul Sharma, JM Financial.
“Volume profile indicates Nifty has strong support around the 16850-16750 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17200 followed by 17500 strike prices while on the put side, the highest OI is at 17000 strike price,” said Deven Mehata, Equity Research Analyst, Choice Broking.
Nifty need to break beyond 17200-17250 if bulls want to regain conviction
“If bulls have to regain conviction, Nifty need to break beyond the sturdy wall of 17200-17250. Until then, prices may continue to see lethargic moves, with support seen around the 17000 mark. If the US market weakens further, the sacrosanct support of 17000 will be in jeopardy. In this case, the next key level to watch out for would be around the recent lows of 16850,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty fall below 16950 may trigger significant correction
“Nifty trend remains weak as the index failed to move above the near-term moving average. The momentum indicator is in a bearish crossover. However, 16950 may remain a crucial support; a fall below 16950 may trigger a significant correction. On the higher end, resistance was seen at 17200,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty to resume pullback over next few trading sessions
“On the daily charts, we can observe that 17180 – 17210 acted as a stiff resistance and was unable to surpass it. On the hourly charts, we can observe that the Bollinger bands are contracting to indicate rangebound price action. The hourly momentum indicator has a negative crossover which also indicates range price action before it starts a new cycle. We believe that this fall is a retracement of the rise from 16828 – 17207. Overall, we expect the Nifty to hold on to the support zone of 17020 – 16970 and resume the pullback over the next few trading sessions. on the upside, the initial hurdle is placed at 17180 – 17210. Beyond this, it has the potential to 17315 – 17430,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty failed to clear 17210, indicating further weakness
“Nifty once again failed to clear the short-term resistance of 17210. The index has also formed a double top formation on intraday charts, indicating further weakness from the current levels. For the bulls, 17050-17000 would act as important support zones while 17200-17250 could be key resistance areas for the short-term traders. However, below 16950, the uptrend would be vulnerable,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Bank Nifty outlook
Bank Nifty likely to trade in range of 39000-40000
“Bank Nifty needs to cross the level of 40,000 on a closing basis from continuing the up move. The index is likely to trade in the range of 39000-40000 and a break on either side will decide a trending move,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Bank Nifty support at 38900-39100
“Bank Nifty has support at 38900-39100 while resistance is placed at 40000-40200 range,” said Deven Mehata, Equity Research Analyst, Choice Broking.
