Stock Market Today, Nifty, Bank Nifty: Indian benchmark equity indices BSE Sensex and NSE Nifty 50 may remain volatile on weekly F&O expiry. The Nifty futures on the Singapore Exchange were trading 52 pts or 0.31% higher at 17,026.00 in the early morning trade. Asian markets were trading lower with China’s Shanghai composite index falling 0.28%, Japan’s Nikkei 225 plunging 1.12%, Hong Kong’s Hang Seng tanking 1.65% and South Korea’s KOSPI dipping 0.04%. The US market ended the overnight session mostly in the red territory with Dow Jones Industrial Average falling 0.87%, S&P 500 dropping 0.70 while the tech-heavy Nasdaq rose marginally by 0.05%. On Wednesday, the NSE Nifty 50 fell 71.15 pts or 0.42% to 16,972.15 and BSE Sensex tanked 344.29 pts or 0.59% to 57,555.90. In sectoral indices, Bank Nifty fell 359.90 pts or 0.91% to 39,051.50, Nifty IT sank 0.24%, Nifty Auto was down 0.51%, Nifty PSU Bank was down 1.21% and Nifty FMCG was down 0.56%.
Nifty outlook
Nifty first support at 16937 and then 16848
Nifty first support at 16937 and then 16848 and resistance at 17190 and 17353, according to Rahul Sharma, JM Financial.
“On the lower end, the Nifty neared the lower band of the falling channel. Going forward, 16950 will likely act as crucial support on a closing basis for the index. Only a close below 16950 may trigger a further correction. On the higher end, resistance is visible at 17150-17200,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty overall trend remains bearish
“Nifty has failed its bullish harmonic pattern and closed well below its potential reversal zone. The index is trading below its 9 & 21 EMA and the slope of the averages has tilted lower. The overall trend remains bearish as prices are trading in a lower low formation and a sell-on rally should be the right approach in this market. The support for the Nifty is placed at around 16,800 – 16,750 levels and resistance is capped at 17,300 – 17,350 levels,” said Rohan Patil, Technical Analyst, SAMCO Securities.
Nifty immediate hurdle seen at 17200-17250
“The decisive breach of the 17000 mark undoubtedly dented the sentiments, but as we allude to our previous commentary, the 16900-17000 odd zone is expected to cushion the fall. And we remain hopeful till the market withholds the range. On the higher end, 17200-17250 is expected to act as an immediate hurdle, followed by the sturdy wall of 200 SMA, placed around 17400-17450 in a comparable period,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Nifty outlook remains negative
“Nifty has achieved our short term target of 16950 and hence we revise it downwards to 16750 which is the previous swing low. On the hourly charts, we can observe a positive divergence developing however it needs to be confirmed by a daily positive close and hence we shall assign more weightage to the price action as of now and continue to maintain our negative outlook on the index,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bears to command up till Nifty doesn’t cross 17000
“On daily charts, the Nifty has moved from the middle Bollinger band to the lower Bollinger band, and further declines are expected. Bears will be in command up till Nifty doesn’t cross 17000 levels and maintain 17000. Small support can be found between 16750 and 16800, and immediate resistance can be found between 17250 and 17300,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
Bank Nifty outlook
Bank Nifty first support at 38849 and then 38504
Bank Nifty first support at 38849 and then 38504 and resistance at 39798 and 40401, according to Rahul Sharma, JM Financial.
Bank Nifty fall below 39000 may trigger corrections towards 38800-38500
“Bank Nifty failed to capitalise on the early gain as the index closed below the previous session’s low at the end of a volatile session. The index has sustained below the critical short-term moving averages on the daily chart. The momentum indicator is in the bearish crossover. A fall below 39000 may trigger further corrections towards 38800/38500. On the higher end, resistance is visible at 39500,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty immediate resistance at 39800-40000
“Bank Nifty’s little support is located between 38400 and 38500, while immediate resistance is located between 39800 and 40000 levels,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.