Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain volatile on the weekly F&O expiry day. The GIFT Nifty futures traded flat at 19,842 in early morning trade. Asian markets were trading mixed – Japan’s Nikkei 225 tanked 0.83%, China’s Shanghai Composite Index fell 0.09%, Asia Dow dipped 0.04% while South Korea’s KOSPI rose 0.03% and Hong Kong’s Hang Seng jumped 0.73%. The US market ended Wednesday’s session in green – Dow Jones Industrial Average (DJIA) rose 0.31%, S&P 500 gained 0.24% and the tech-heavy Nasdaq was up 0.03%. On Wednesday, the NSE Nifty 50 rose 83.90 points or 0.42% to close at 19,833.15 after making a new 52-week high of 19,851.70 intraday. The Sensex jumped 302.30 points or 0.45% to settle at 67,097.44 after hitting a fresh all-time high at 67,171.38 intraday. In sectoral indices, Nifty Bank rose 0.57%, Nifty IT fell 0.06%, Nifty Private Bank rose 0.39%, Nifty Financial Services gained 0.57%, Nifty PSU Bank surged 1.95%, and Nifty Media jumped 1.13%.
NSE Nifty 50 Outlook
Nifty support at 19700; resistance at 18900-20000
“Indian equities saw another day of gains with the headline index holding strong amidst volatile trading. The market trend remains positive as the index stays above the moving average. Support is found at 19700, while resistance is expected between 18900 and 20000 levels,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty could rally till 19950-19975
“Nifty has formed a higher bottom formation on intraday charts which is indicating a further uptrend from the current levels. As long as the index is holding 19725 the positive sentiment is likely to continue. Above the same, the market could rally till 19950-19975. Below the same, we could expect one quick correction till 19650-19615,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Bank Nifty Outlook
Bank Nifty to target levels of 46500
“Bank Nifty consolidated within the range of the previous trading session (45906–45281) and has thus formed an Inside bar pattern which makes the extremes of the range crucial levels from a short-term perspective. A breach of the extremes shall lead to a move in that particular direction. We expect the breakout to be on the upside and expect the Bank Nifty to target levels of 46500,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty support at 45300-45200; resistance at 45800
“Bank Nifty has managed to hold the support zone between 45300 and 45200, which is a positive sign for the buyers. The immediate resistance on the upside is situated at 45800. If the index manages to sustain above this level, it is likely to open up further upside potential towards 46000 and 46300 levels,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.