Stock Market Today, Nifty, Bank Nifty: Nifty, Sensex may trade flat amid mixed global cues. The Nifty futures on the Singapore Exchange were trading 6 pts or 0.03% higher at 17793 in the early morning trade. Asian markets were trading mixed, with Japan’s Nikkei 225 rising 0.53%, China’s Shanghai Composite climbing 0.38%, South Korea’s KOSPI dropping 0.17% and Hong Kong’s Hang Seng falling 0.89%. The US market ended the overnight session mostly in red – Dow Jones Industrial Average rose 0.29%, S&P 500 fell 0.17 pts and the tech-heavy Nasdaq plunged 0.43%. On Thursday, the NSE Nifty 50 rose 98 pts or 0.56% to 17,722.30, BSE Sensex climbed 311 pts or 0.52% to 60,157.72 and Bank Nifty advanced 531 pts or 1.3% to 41,366.50.
Nifty outlook
Nifty first support at 17732 and then 17677
Nifty first support at 17732 and then 17677 while resistance at 17826 and 17864, according to Rahul Sharma, JM Financial.
“Nifty has comfortably closed above the descending trend line resistance on the daily chart; which augurs well for the bulls. Now, the next key level to watch out for would be the March month swing high which is around 17800. With the continuous seven days winning streak, the support level continues to shift higher as we now see immediate support around 17600; whereas 200-SMA around 17500 to act as a sacrosanct level,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty remains buy on dips as long as it holds above 17500
“Nifty has been sustaining above the critical moving average. Besides, the Nifty has so far remained above the crucial support level of 17500. The market will remain a buy on dips as long as the index remains above 17500. Immediate support is visible at 17640. On the higher end, the rally may extend towards 17850/17970,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty positive outlook remains intact
“Nifty managed to close over 17700, indicating that the positive outlook remains intact. The view is still bullish, and a buy-on-dips approach will be used up until the critical support level of 17450 is not broken on the downside. The volume profile indicates Index has strong support around the 17450-17550 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17800 followed by 18000 strike prices while on the put side, the highest OI is at 17600 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Nifty immediate hurdle placed at 17700–17730
“Since the last seven trading sessions, the Nifty has not dipped below the previous day’s low which is an extremely bullish sign and can also be used as a crucial level for holding on to the long positions. In terms of levels crucial support is placed at 17655 – 17650 while immediate hurdle is placed at 17700 – 17730. Overall, the uptrend is still intact, and we expect Nifty to target levels of 17800 from short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty outlook
Bank Nifty first support at 41205 and then 40919
Bank Nifty first support at 41205 and then 40919 while resistance at 41647 and 41804, according to Rahul Sharma, JM Financial.
Bank Nifty may witness profit booking towards 40600-40500
“Bank Nifty index faced selling pressure from higher levels after a strong rally last week. The index if fails to sustain above the level of 41,200 can witness some profit booking towards 40,600-40,500 levels. The upper resistance if taken out will lead to further short covering towards the 42,000 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Bank Nifty resistance placed at 41700-41900
“Bank Nifty has support at 40600-40800 while resistance is placed at 41700-41900 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.