Share Market outlook today: Nifty, Bank Nifty may remain volatile on monthly F&O expiry; check support, resistance

Nifty and Bank Nifty Today: NSE Nifty 50 support at 18246-18191 while resistance at 18375-18450. Bank Nifty support at 43585-43464 while resistance at 43920-44135.

Nifty and Bank Nifty may fall on F&O expiry
Nifty and Bank Nifty Trading: Benchmark indices NSE Nifty 50 and Nifty Bank may fall on monthly F&O expiry.

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 may remain under pressure on monthly F&O expiry amid negative global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 42 points or 0.23% lower at 18,242 in today’s early morning trade. Asian markets were trading mostly in red – Hong Kong’s Hang Seng tanked 1.54%, China’s Shanghai Composite index dipped 0.17%, South Korea’s KOSPI dropped 0.31% while Japan’s Nikkei 225 jumped 0.33%. The US market ended the overnight session lower – Dow Jones Industrial Average (DJIA) fell 0.77%, S&P 500 plunged 0.73% and the tech-heavy Nasdaq tumbled 0.61%. On Wednesday, the Nifty 50 slipped 62.60 points or 0.34% to 18,285.40 and BSE Sensex tumbled 208.01 points or 0.34% to 61,773.78.

NSE Nifty 50 Outlook

Nifty first support at 18246 and then 18191 

NSE Nifty 50 first support at 18246 and then 18191 while resistance at 18375 and then 18450, according to Rahul Sharma, JM Financial.

Nifty may fall to 18000 if it breaches 18181

“Nifty’s biggest support to watch is at the 18181 mark. Below 18181, expect a waterfall of selling towards Nifty’s psychological 18000 mark. On the upside, Nifty faces major hurdles at the 18473 mark. Caution is the buzzword in the near term,” said Prashanth Tapse, Senior VP (Research), at Mehta Equities Ltd.

Nifty could retreat toward 18100–18050 if 18200 is breached

“Nifty’s range of 18200–18400 is considered crucial, and if the lower end is breached, prices could retreat toward key support levels at 18100–18050. On the upside, a breakthrough beyond 18400 may lead to further gains, potentially reaching and surpassing 18500 in future sessions,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.

Nifty immediate hurdle at 18420–18450

“Nifty is in a consolidation mode and the range of consolidation is likely to be 18000–18400. In terms of levels, 18420–18450 shall act as the immediate hurdle while 18200–18150 is the crucial support zone to watch out for on the downside,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Nifty support at 18200, resistance at 18400

“Nifty has witnessed the second-day attempt to breach the 18400 zone in the morning session but failed and gradually slipped down to close just below the 18300 levels. The two sessions of Doji-type candles slipping down for the index is crucial and we have 18100 levels as the important support zone as of now which should not be breached to maintain the overall positive trend intact. The support for the day is seen at 18200 levels while the resistance is seen at 18400 levels,” said analysts at Prabhudas Lilladher.

Nifty upside target placed at 18459 once 18420 is taken out

“Immediate upside targets for Nifty are at 18459 once the resistance of 18420 is taken out. Moreover, as the longer time frame indicates that the Nifty remains in an uptrend, we believe that our immediate targets of 18459 are also likely to be taken out in the coming sessions. Crucial supports to watch for weakness are at 18250,” said Subash Gangadharan, Senior Technical and Derivative Analyst, HDFC Securities.

Nifty resistance at 18400

“Nifty is currently facing significant resistance at the level of 18400, which has proven to be a challenging barrier to overcome. The ongoing battle between bulls and bears has resulted in the index trading within a consolidated range between 18200 and 18400 levels. However, a break above or below this range has the potential to trigger trending directional moves in the market,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Bank Nifty Outlook

Bank Nifty first support at 43585 and then 43464

Bank Nifty first support at 43585 and then 43464 while resistance at 43920 and then 44135, according to Rahul Sharma, JM Financial.

Bank Nifty may have a daily range of 43300-43100 levels

“Bank Nifty is having a sluggish week with no major movement visible yet and is having a tough time crossing the resistance zone of 44000 levels. Some of the frontline heavyweight banking stocks like ICICI Bank and HDFC Bank have slipped down are showing exhaustion and are pulling the index downward. Bank Nifty would have a daily range of 43300-43100 levels,” said analysts at Prabhudas Lilladher.

Nifty Bank resistance at 43700-44000

“Nifty Bank closed with selling pressure, breaking below the previous consolidation level. The Relative Strength Index (RSI) is in a bearish crossover, indicating a negative sentiment. The support level is placed at 43500; a fall below 43500 may trigger a further correction in the Bank Nifty. Resistance levels are situated at 43700 and 44000, where call writers are waiting for their positions,” said Rupak De, Senior Technical at LKP Securities.

Bank Nifty’s favourable supply zone around 44000

“Bank Nifty faced difficulty in surpassing the 43700 mark, resulting in its lowest close in the past week. Looking ahead, the levels of 43650-43500 are expected to provide critical support for the Bank Nifty, while the zone around 44000 is anticipated to act as a favourable supply area,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.

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First published on: 25-05-2023 at 08:41 IST