Stock Market Today, Nifty, Bank Nifty: Nifty and Sensex may rise today and remain in green on the week’s last trading session amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 101 pts or 0.59% higher at 17,123.50 in the early morning trade. Asian markets were trading in green with China’s Shanghai Composite index rising 0.75%, Japan’s Nikkei 225 climbing 0.69%, Hong Kong’s Hang Seng surging 0.79%, and South Korea’s KOSPI advancing 0.54%. The US market ended the overnight session with strong gains – Dow Jones Industrial Average surged 1.17%, S&P 500 climbed 1.76% and the tech-heavy Nasdaq skyrocketed 2.48%. On Thursday, NSE Nifty 50 rose 13.45 pts or 0.08% to 16,985.60 and BSE Sensex climbed 78.94 pts or 0.14% to 57,634.84. In sectoral indices, Bank Nifty rose 81.10 pts 0.21% to 9,132.60, Nifty IT sank 0.69%, Nifty Auto was up 0.19%, Nifty PSU Bank was up 0.57% and Nifty FMCG was up 1.14%.
Nifty 50 outlook
Nifty 50 bullish; first support at 16950 and then 16850
Expect a meaningful bounce back in Nifty upto 17300–17500 in coming few days with a stop loss placed at 16850. The micro view remains bullish above 17000. First support is placed at 16950 and then 16850 and resistance is seen at 17211 and 17300, according to Rahul Sharma, JM Financial.
“Nifty ends with a Doji candlestick formation near the important support zone of 16950–16900. If Nifty manages to bounce back from here, then we can expect a bounceback in the market towards the 17250 and 17440 levels. Nifty should witness a closing above 17050, which is the 100-week moving average because it didn’t close below it post-COVID recovery. However, if the Nifty slips below the 16800 level, then we can expect more pressure in the market,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Nifty 50 likely to move towards 17250
“The Nifty found support at the lower band of the falling channel before moving higher. On the daily chart, a long-legged Doji pattern has formed, which suggests indecisiveness. Besides, the index has found support around previous congestion. Over the short term, the index is likely to move towards 17250. On the lower end, closing basis support is visible at 16950,” said Rupak De, Senior Technical Analyst at LKP Securities.
Possibility of small bounce in Nifty 50 but watch out for overall trend
“The market is oversold, and we may see a bounce in Nifty up to 17200 with support at 16800-16750. Looking at the global market, there is a possibility of a small bounce, but the overall trend remains bearish. The positive takeaway however was that Nifty snapped a five-day losing streak,” said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd.
Nifty has strong support around 16700-16800
“Volume profile indicates Nifty has strong support around 16700-16800 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17000 followed by 17100 strike prices while on the put side, the highest OI is at 16900 strike price,” said Deven Mehata, Equity Research Analyst, Choice Broking.
Nifty immediate hurdle at 17200-17250
“16900–16850 is expected to act as sacrosanct support in the near term for Nifty. On the higher end, 17200–17250 is likely 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.
Bank Nifty outlook
Bank Nifty first support at 39003, and then 38533
Bank Nifty first support placed at 39003, and then 38533 and resistance at 39770 and then 40068, according to Rahul Sharma, JM Financial.
“Bank Nifty has support at 38600-38800 while resistance is placed at 39500-39700 range,” said Deven Mehata, Equity Research Analyst, Choice Broking.
Bank Nifty short-covering move expected towards 40500-41000
“Bank Nifty ended with a spinning bottom candlestick formation near the important support level of 38700. However, the 200-DMA of 39600 is an immediate hurdle; above this, we can expect a short-covering move towards 40500 and 41000 levels. If it slips below 38500, then more selling pressure is expected towards the 38000–37700 zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty undertone below 40000 remains bearish
“The Bank Nifty index witnessed some buying from the lower levels on the weekly expiry day however the undertone remains bearish as long as it says below the level of 40,000. The Index’s immediate hurdle stands at 39,500 and if sustained above it can witness some short covering towards 40,000. The downside support is at 38500 and a breach below it will lead to further selling pressure,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.