Stock Market Today, Nifty, Bank Nifty: Benchmark indices indices NSE Nifty 50 and BSE Sensex may remain volatile on weekly F&O expiry day amid negative global cues. The GIFT Nifty futures were trading 35 points or 0.18% lower at 19,477. Asian markets were trading in red – China’s Shanghai Composite Index was trading flat, South Korea’s KOSPI dipped 0.24%, Japan’s Nikkei 225 tumbled 1.01%, Asia Dow slipped 0.95% and Hong Kong’s Hang Seng tanked 1%. The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) fell 0.38%, S&P 500 dipped 0.2% and the tech-heavy Nasdaq decreased 0.18%. On Wednesday, the NSE Nifty 50 dipped 9.5 points or 0.05% to 19,398.50 and BSE Sensex fell 33.01 points or 0.05% to 65,446.04. In sectoral indices, Bank Nifty tumbled 149.65 points or 0.33% to 45,151.80, Nifty Auto jumped 1.64%, Nifty FMCG surged 1.82% and Nifty PSU Bank soared 1%.
NSE Nifty 50 Outlook
Nifty 50 support at 19423-19369
NSE Nifty 50 first support at 19423 and then 19369 while resistance at 19509 and then 19541, according to Rahul Sharma, JM Financial.
Nifty resistance at 19450-19500
“Nifty 50 resistance on the higher end is placed between 19450 and 19500 which the Nifty might face some difficulty in surpassing. Looking ahead, it is expected that the Nifty will likely continue to trade sideways, as long as it sustains within the range of 19200 to 19500, implying a range bound trades unless there is a directional breakout,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty immediate range expected to be 19300-19500
“Nifty immediate range is expected to be between 19300 and 19500. It would be advisable to buy near the lower end and take profits near the higher end. It’s crucial to closely monitor the lower range of 19300 during the weekly expiry as a break below this level could trigger extended profit booking, possibly reaching the bullish gap of 19200 from Monday’s session,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty to consolidate in range of 19500-19300
“Nifty is in the process of consolidation after a sharp runup and this consolidation form a floor for the next leg of upmove. Over the next few trading sessions, we expect the Nifty to consolidate in the range 19500 – 19300 and a dip towards the 19300 should be used as a buying opportunity. Overall, the uptrend is intact, and we expect levels of 19500. In terms of levels, 19300– 19270 shall act as a crucial support zone while 19450 – 19500 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty support at 45133-45002
Bank Nifty first support at 45133 and then 45002 while resistance at 45438 and 45612, according to Rahul Sharma, JM Financial.
Bank Nifty resistance at 45300-45500
“Bank Nifty trend for the coming week can be considered as sideways to bullish where dips can be used as a buying opportunity. The resistance is at around 45300, 45500 and the support is at around 45000, 45100 and till the time Bank Nifty is trading above 44900 the bulls will be in charge. Technical indicator RSI is at around 67 whereas the 200 EMA is at 41672,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.
Bank Nifty range of consolidation likely to be 45000-45600
“Bank Nifty witnessed subdued price action on the back of weakness in HDFC Bank. Overall, the Bank Nifty is in a consolidation mode after a sharp run up. The hourly momentum indicator has a negative crossover and negative divergence which indicates loss of momentum on the upside. Overall, the range of consolidation is likely to be 45000-45600,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty may fall to 44500 if it slips below 45000
“Bank Nifty index recently experienced selling pressure from higher levels, but the bears were unable to break the support at 45000. If the index breaks below the support level of 45000, it is likely to witness further downside towards 44500 and potentially lower.On the other hand, if the index manages to surpass the level of 45500 on a closing basis, it will indicate strength and may lead to further upside towards the 46000 level,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.