Stock Market Today, Nifty, Bank Nifty: Nifty, Sensex may remain volatile amid mixed global cues on weekly F&O expiry. The US and India CPI inflation moderated in March. The Nifty futures on the Singapore Exchange were trading 16 pts or 0.09% lower at 17,863.50 in the early morning trade. Asian markets were trading mixed, with Japan’s Nikkei 225 rising 0.08%, China’s Shanghai Composite climbing 0.08%, South Korea’s KOSPI advancing 0.07% and Hong Kong’s Hang Seng falling 0.86%. The US market ended the overnight session in red – Dow Jones Industrial Average fell 0.11%, S&P 500 tumbled 0.41% and the tech-heavy Nasdaq plunged 0.85%. On Wednesday, the NSE Nifty 50 rose 90.10 pts or 0.51% to 17,812.40, BSE Sensex surged 235.05 pts or 0.39% to 60,392.77 and Bank Nifty climbed 191.45 pts or 0.46% to 41,557.95.
Nifty first support at 17748 and then 17717
Nifty undertone remains bullish as long as it trades above 17800. Nifty first support at 17748 and then 17717 while resistance at 17825 and 18000, according to Rahul Sharma, JM Financial.
Nifty immediate demand zone at 17700–17650
“Nifty managed to close above 17800 and end the lower highs structure, which is an encouraging sign for the bulls. A 100-DMA of 17880 is an immediate hurdle, and 18100–18200 is the next target area. On the downside, 17700–17650 is an immediate demand zone, and 17500 is the next important support level,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Nifty sacrosanct level placed at 200-SMA around 17500
“Going with the current broad-based buying and momentum, we expect this northward journey to continue; whereas the next set of resistance is seen at the psychological level of 18000 followed by the next swing high of 18137. Going ahead, the immediate support zone is visible around 17700 – 17650; whereas the sacrosanct level is placed at 200-SMA around 17500,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty short-term target raised to 18000
“Nifty traded above the 20-week moving average (17789) and today if it manages to close above this level then it will further add to the bullishness. For current long positions, one can keep it at 17700, which is around yesterday’s low. As the short-term target of 17800 has been achieved we have raised it to 18000,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty rally may extend towards 17900–17970
“Nifty has remained above the channel breakout on the daily chart, suggesting a positive reversal. The daily momentum indicator RSI is in bullish crossover and rising. The market will remain a buy on dips as long as the index remains above 17700. On the higher end, the rally may extend towards 17900/17970,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty outlook
Bank Nifty long above 41670 for the target of 42000
Bank Nifty 41500 resistance was taken out yesterday as markets showed no nervousness before the US CPI numbers. Bank Nifty long above 41670 for the target of 42000, according to Rahul Sharma, JM Financial.
Bank Nifty support stands at 41500–41400
“Bank Nifty index continued its strong upward momentum and surpassed the immediate hurdle of 41,500. The index remains in buy mode and is likely to achieve the target of 41,800-42,000 levels on the upside where fresh call writing is visible. The index downside support stands at 41,500-41,400 levels and as long as this support is not breached on a closing basis the trend remains positive,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
Bank Nifty immediate supply zone at 41700–42000
“Bank Nifty is outperforming, however, 41700–42000 is an immediate supply zone; above this, we can expect a rally toward the 42600–43000 zone. On the downside, 41000–40600 is a strong demand zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.