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 were trading 3 points or 0.02% lower at 19,562. Asian markets were trading in green – China’s Shanghai Composite Index rose 0.71%, South Korea’s KOSPI gained 0.91%, Hong Kong’s Hang Seng skyrocketed 2.12%, Japan’s Nikkei 225 jumped 1.21%, and Asia Dow soared 1.66%. The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.25%, S&P 500 gained 0.74% and the tech-heavy Nasdaq jumped 1.15%. On Wednesday, the Nifty 50 sank 55.10 points or 0.28% to 19,384.30 and Sensex tumbled 223.94 points or 0.34% to 65,393.90. In sectoral indices, Bank Nifty plunged 105.60 points or 0.24% to 44,639.45, Nifty Financial Services fell 0.23%, Nifty IT tanked 0.71% and Nifty Private Bank declined 0.29% while Nifty FMCG rose 0.18%, Nifty Pharma gained 0.30% and Nifty PSU Bank surged 0.83%.
NSE Nifty 50 Outlook
Below 19300, Nifty may fall to 19000-18900
“The daily chart has formed a bearish engulfing pattern, indicating a potential reversal in the market. Despite this bearish signal, the overall trend remains positive as long as the price stays above the support level at 19300. It is a level (19300) where Put writers have maintained a heavy position, meaning that if the price drops below this level, it could indicate further downward movement. Below 19300 Nifty may fall down towards 19000-18900. On the upside, there is resistance at 19500, suggesting that the price may struggle to move beyond this level. A decisive move above 19500 might lead the writers to unwind their positions,” said Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty Outlook
Bank Nifty support at 44500; resistance at 45000
“The bears continue to dominate the market, as the index broke below the support level of 44800. This suggests a bearish sentiment in the index. The next support level on the downside is located at 44500 levels. If the index dips towards this level, it may present an opportunity for traders to initiate long positions, expecting a potential bounce from this support. On the upside, the immediate hurdle is at 45000, where the highest open interest is observed on the call side. This level may act as resistance to the index,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.