Stock Market Today, Nifty, Bank Nifty: Domestic indices may trade flat amid mixed global cues. The GIFT Nifty futures traded 18 points or 0.09% lower at 19,720 in early morning trade. Asian markets were trading mostly in green – China’s Shanghai Composite Index jumped 1.45%, South Korea’s KOSPI gained 0.17%, Hong Kong’s Hang Seng surged 3% and Asia Dow rose 0.72% while Japan’s Nikkei 225 fell 0.27%. The US indices ended the overnight session in green – Dow Jones Industrial Average (DJIA) jumped 0.52%, S&P 500 gained 0.4% and the tech-heavy Nasdaq rose 0.19%. On Monday, the Nifty 50 fell 72.65 points or 0.37% to close at 19,672.35 while the Sensex sank as much as 299.48 points or 0.45% to settle at 66,384.78. In sectoral indices, Nifty Bank fell 0.33%, Nifty FMCG slipped 1.72%, Nifty Media fell 0.10% Nifty Metal sank 0.73% and Nifty IT fell 0.09%, while Nifty Auto gained 0.17%, Nifty PSU Bank gained 0.10% and Nifty Pharma rose 0.41%.
NSE Nifty 50 Outlook
Nifty could slip till 19600-19575 if it slips below 19750
“NSE Nifty 50 held the lower top formation and on daily charts, it has formed a small bearish candle, which is largely negative. We are of the view that the index has completed one leg of technical correction but a fresh uptrend rally is possible only after the dismissal of 19750. Below the same, the market could slip till 19600-19575. On the other side, above 19750 the index could rally till 19800-19835,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Nifty facing strong resistance at 19800
“The bears currently have the upper hand in the market, and the Nifty is facing strong resistance at the 19800 level, where aggressive call writing is observed. This resistance zone has become a significant hurdle for the bulls. If the index sustains below the 19700 level, it may lead to further downside movement towards the support zone of 19600-19550, where the next support level is visible,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Nifty golden retracement target at 20100–20200
“The market’s recent multi-month breakout around the 19000 level indicates a significant bull run. The psychological mark of 20000 that was just missed during the week remains an immediate hurdle, followed by the golden retracement target of 20100–20200. On the downside, the recent congestion breakout level of 19600–19500 is considered immediate support, and a more significant correction may occur only if this level is breached,” said Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd.
Nifty support at 19600-19580
“Nifty is retracing the rise from 19303-19992. Currently, it is around the 50% Fibonacci retracement level and is expected to attract buying interest. The daily momentum indicator has triggered a negative crossover which is a sell signal. Both price and momentum indicators are indicating weakness. In terms of levels, 19600-19580 shall act as a crucial support zone, and on the upside 19800-19840 shall act as an immediate hurdle zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty can slip towards 45750-45670
“Bank Nifty witnessed selling pressure from around 46200 levels and drifted lower. We believe that Bank Nifty is in the process of retracing the rise it has witnessed from 44547-46370. On the downside, it can slip towards 45750-45670 where support is in the form of the 38.2% Fibonacci retracement level and the 40-hour moving average is placed. Overall, the trend is still positive and once this consolidation is complete, we can expect the Bank Nifty to resume its uptrend. On the upside 46500 is the expected target,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty resistance at 46100-46200
“Bank Nifty is seen to be making a bearish candlestick and closing in red near Friday’s lows of 45900 amidst increased volatility and a rangebound market. The trend can be considered sideways to bearish till the time 46100 is crossed and sustained on the daily timeframe. The resistance is at around 46100-46200 and the support is at around 45900-45700. Technical indicator RSI is at around 67 whereas the 200 EMA is at 42114,” said Mitesh Karwa Research Analyst at Bonanza Portfolio.
Bank Nifty support at 45700-45000
“Bank Nifty is experiencing a tug-of-war between the bulls and the bears, resulting in a sideways movement. The option data indicates that call writers and put writers are actively participating at the 46000 strike price. This suggests that market participants are uncertain about the direction of the index, leading to a potential sideways momentum. If the index sustains below the 46200 mark, it may open the way for further downside movement towards the support zone of 45700-45000,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.