Stock Market Today, Nifty, Bank Nifty: NSE Nifty 50 and Bank Nifty will likely remain volatile on weekly F&O expiry amid weak global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 62 pts or 0.35% lower at 17,457.50 in the early morning trade. Asian markets were trading mixed with Japan’s Nikkei 225 falling 0.29%, Hong Kong’s Hang Seng tanking 1.06% while China’s Shanghai Composite index rose marginally by 0.02% and South Korea’s KOSPI climbed 0.27%. The US markets ended the overnight session mostly lower with S&P 500 falling 0.47%, Nasdaq dipping 0.66% while Dow Jones Industrial Average rose marginally by 0.02%. On Wednesday, the NSE Nifty 50 surged 146.95 pts or 0.85% to 17,450.90 and BSE Sensex settled 448.96 pts or 0.76% higher at 59,411.08. Sectoral indices ended in green with Bank Nifty jumping 429.10 pts or 1.07% closing at 40,698.15. Nifty Auto rose 0.92%, Nifty IT climbed 1.46%, Nifty Metal skyrocketed 3.96% and Nifty PSU Bank advanced 2.98%.
Nifty 50 outlook today
Nifty 50 support at 17400, and then 17345
“Nifty first support placed at 17400 and second at 17345. The resistance is placed at 17463 and 17591. Nifty negated its lower high and lower low structure after 9 trading sessions forming a green bullish green candle. VIX melted down to 13. We expect Nifty to see follow-up buying/short covering today if we sustain above R1 of 17463 with a small hurdle at 17500,” said Rahul Sharma, JM Financial.
“For the traders, 17350 would act as a sacrosanct support zone and above the same, the positive momentum is likely to continue till 17525-17600. On the other side, below 17350 uptrends would be vulnerable,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty significant upside obstacle at 17625-17750 levels
“Because of the market’s extreme oversold conditions on both the technical and derivative fronts, Nifty ends its eight-day losing streak. Nifty recovered its 200-DMA after a single day of decline, but 17625 and 17750 remain significant upside obstacles, and it must pass 17750 to show any real strength. Otherwise, it will continue to be vulnerable at higher levels,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Nifty broader trend remains bearish but minor pullback can be witnessed
“The Nifty index witnessed some buying momentum from the lower levels and managed to surpass the hurdle of 17,400 where a significant amount of call writing was visible. The index’s broader trend remains bearish but since we are in an oversold territory a minor pullback can be witnessed if the index sustains above 17,400. The index if it fails to surpass the level of 17,500 will again witness selling pressure,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty range of consolidation likely to be 17700–17200
“We believe that Nifty is oversold and the pullback can continue over the next few trading sessions. The range of consolidation is likely to be 17700 – 17200. In terms of levels, 17340 – 17300 shall act as a crucial support zone while 17550 – 17600 is the immediate hurdle zone for Nifty,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty outlook today
Bank Nifty support at 40661 and then 40381
“Bank Nifty continues to remain positive for our 41000 target. Bank nifty has support at 40661-40381 while resistance is placed at 41081-41222 range,” said Om Mehra, Equity Research Analyst, Choice Broking.
Bank Nifty could witness strong recovery up to 41300-41500
“Bank Nifty has surpassed its previous three days’ resistance of 40400 and is currently trading at 40698.15. This week should witness a strong recovery up to 41300 to 41500 if Bank Nifty is able to hold onto 40700 in the next few days,” said Ameya Ranadive, CMT, CFTe, Equity Research Analyst Choice broking.
Bank Nifty key resistance level at 41000
“We can see a double bottom formation on the Banknifty, which indicates a possible short-term bottom. However, the 20-DMA near 41000 will be a key resistance level, and if it succeeds in breaking through it, we can anticipate a short covering move in the direction of the 41500-42000 region,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty may move towards 41000, support placed at 40400
“The Bank Nifty remained positive throughout the day following a consolidation breakout on the daily chart. During the day, it moved closer to the 14 DMA. The momentum oscillator RSI is in a bullish crossover. A double bottom formation on the daily RSI is likely to provide positive momentum in the space. On the higher end, it may move towards 41000. On the lower end, support is placed at 40400,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
