Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade flat today amid mixed global cues. The GIFT Nifty futures traded 2 points or 0.01% higher at 19,805.50 in early morning trade. Asian markets were trading mixed – China’s Shanghai Composite Index rose 0.06 0.05%, South Korea’s KOSPI gained 0.15% and Japan’s Nikkei 225 jumped 1.06% while Hong Kong’s Hang Seng tanked 1.44%, and Asia Dow dipped 0.04%. The US market ended Tuesday’s session in green – Dow Jones Industrial Average (DJIA) soared 1.06%, S&P 500 surged 0.71% and the tech-heavy Nasdaq jumped 0.76%. On Wednesday, the Nifty 50 rose 37.80 points or 0.19% to close at 19,748.25 after making a new 52-week high of 19,819.45 intraday. The Sensex jumped 205.21 points or 0.31% to settle at 66,795.14 after hitting a fresh all-time high at 67,007.02 intraday.
NSE Nifty 50 Outlook
Nifty may consolidate with support at 19500 and resistance at 19827
“Nifty reached a new all-time high at 19819.45 but lacks strong bullish conviction. Nifty IT outperformed, while Nifty PSU Bank slipped due to profit booking. Polycab India surged 6% on stellar Q1 earnings. Nifty aims for the psychological 20000 mark. Technical analysis suggests consolidation with support at 19500 and resistance at 19827 and 20000,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Nifty short-term target placed at 19900
“Nifty has been rising after breaking out of the range of 19300–19600. It is rising along the expanding upper Bollinger band indicating that the positive momentum is likely to continue. On the upside, the short-term target is placed at 19900. In terms of levels, 19630–19580 shall act as a crucial support zone while 19880–19900 shall act as an immediate hurdle zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Nifty may slip till 19650-19600 if it breaks 19700
“Nifty intraday correction formation is indicating that a range-bound activity is likely to continue in the near future. For Nifty, 19700 could be the key support level for day traders, below which a quick intraday correction till 19650-19600 is seen. On the flip side, as long as the index is trading above 19700, the uptrend wave is likely to continue and could rally till 19825-19875,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Bank Nifty Outlook
Bank Nifty resistance at 45800-45600; support at 44500-44300
“Bank Nifty is seen to be making a bearish candlestick after opening with a gap-up on the daily timeframe and closing flat near its crucial support zones of 45400-45500 amidst increased volatility and a rangebound market. The trend can be considered as sideways to bearish till the time 46000 is crossed and sustained on the daily timeframe. The resistance is at around 45800-45600 and the support is at around 44500-44300. Technical indicator RSI is at around 65 whereas the 200 EMA is at 41957,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.
Bank Nifty to target levels of 46000-46500
“Bank Nifty consolidation is a healthy sign, and any dip should be used as a buying opportunity. The daily momentum indicator has a positive crossover and thus any sip is a buying opportunity. On the upside we expect the Bank Nifty to target levels of 46000 and 46500,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty major hurdle placed at 46000
“The overall undertone of the Bank Nifty remains bullish, suggesting that the trend is likely to continue. A key support level is observed at 45000. The next major hurdle for the index is placed at 46000. If the index manages to surpass this level, it may indicate further upward momentum towards the target level of 46400,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.