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Share Market outlook today: Nifty, Bank Nifty may trade flat amid muted cues; check support, resistance

Nifty and Bank Nifty Today: Nifty support placed at 18195 and 18072 while resistance at seen 18392 and 18467. Bank Nifty support at 42900 and 42475 while resistance at 43600 and 43875.

Nifty and Bank Nifty may trade flat today
Nifty and Bank Nifty Trading: The Nifty and Sensex on daily charts have formed a bullish candle and closed comfortably above it, which is according to analysts is positive for the indices in the medium term.

Stock Market Today, Nifty, Bank Nifty: Benchmark indices may trade flat today amid muted global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 25.5 points or 0.14% lower at 18,324.5 in today’s early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng fell 0.42%, China’s Shanghai Composite rose 0.03%, South Korea’s KOSPI dipped 0.37% and Japan’s Nikkei 225 jumped 0.7% on Tuesday. The US market ended Monday’s session mostly flat – Dow Jones Industrial Average (DJIA) fell 0.17%, S&P 500 rose 0.05% and the tech-heavy Nasdaq was up 0.18%. On Monday. the NSE Nifty 50 jumped 202.8 points or 1.12% to 18,271.8 and BSE Sensex 709.96 surged 1.16% to 61,764.25. In sectoral indices, Bank Nifty soared 622.8 points or 1.46% to 43,284, Nifty Financial Services climbed  280.1 points or 1.47% to 19,303.95 while Nifty PSU Bank fell 38.5 points or 0.93% to 4,115.1. 

NSE Nifty 50 outlook

NSE Nifty 50 first support at 18195 and then 18072

NSE Nifty 50 first support at 18195 and then 18072 while resistance at 18392 and 18467, according to Rahul Sharma, JM Financial.

NSE Nifty 50 may move towards 18500-18600

“As long as the index remains above 18000, short-term trends should be positive. If Nifty surpasses 18300 & closes above this level, it can see more upward move with a possible target of 18500-18600. Support seen at 17961, 18031 and 18147 while resistance at 18334, 18404 and 18521,” said analysts at Stoxbox.

Nifty range of consolidation likely to be 18000–18300

“There is no concrete evidence that the consolidation is complete and hence we change our outlook on the Nifty to sideways from negative. The range of consolidation is likely to be 18000 – 18300. In terms of levels, 18130 – 18110 shall act as a crucial support zone while 18330 – 18350 shall act as an immediate hurdle zone for the Nifty,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Nifty, BSE Sensex can go up to 18300-18450/62000-62300

“On the daily charts, the Nifty and BSE Sensex have formed a bullish candle and closed comfortably above it, which is positive for the indices in the medium term. Now 18200-18150/61450 will be an important support zone for the trend-following traders. Above that the indices can go up to 18300-18450/62000-62300. On the other hand, the uptrend below 18100/61150 would be weak.,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Nifty next possible targets are 18320, 18430 and 18550

“Nifty support levels are 18130, 18060 and 17990. Nifty next possible targets are 18320, 18430 and 18550 which will act as resistance too,” said Ashish N. Ambala (Sr. Technical Analyst), Stock Market Today (SMT).

Market will continue to buy on dips until 17950 is not breached

“Nifty overall picture is favourable, and the market will continue to buy on dips until the critical support level of 17950 on the downside is not breached. The volume profile indicates Index has strong support around the 17950-18050 zone.  Coming to the OI Data, on the call side, the highest OI was observed at 18300 followed by 18500 strike prices while on the put side, the highest OI is at 18200 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.

Bank Nifty outlook

Bank Nifty first support at 42900 and then 42475

NSE Nifty Bank first support at 42900 and then 42475 while resistance at 43600 and 43875, according to Rahul Sharma, JM Financial.

Bank Nifty may decline towards 42800-42700

“Nifty Bank is relatively weak and 43750 will be the ultimate resistance for it. Below the 43000 level, it would witness a gradual decline towards 42800 or 42700 levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Bank Nifty immediate resistance at 43530, 43610 and 43650

Bank Nifty support areas would be 43070 and 42790 so it should be considered as a buyers’ zone. Again Price is in Bullish momentum at this time we should look for strong support zones for entries until it is sustaining above its important support levels. However, the next immediate resistance at 43530, 43610 and 43650,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).

“Bank nifty has support at 42500-42700 while resistance is placed at 43500-43700 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.

Bank Nifty undertone remains bullish as long as it holds 43000

“Bank Nifty is seen to be trading in a higher high higher low formation as bulls swiftly take Bank Nifty close to 43300. The undertone remains bullish as long as it holds the levels of 43000 as put writers are fiercely active on 43200, 43100 and 43000 and call writers are active on 43400 and 43500. Technical indicator RSI is at around 64 and is showing strength by sustaining above 50 levels. Support seen at 43200, 43100 and 43000 while resistance placed at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.

Bank Nifty immediate hurdle on upside placed at 43500

“Bank Nifty bulls after Friday’s sell-off once again witnessed buying momentum and the index surpassed the level of 43000 which will now act as support on the downside. The immediate hurdle on the upside is placed at 43500 and once taken out on a closing basis will witness a sharp short covering towards all-time high levels,” said  Kunal Shah, Senior Technical and Derivative analyst at LKP Securities.

Traders can look for long opportunities only above 43700

“Intraday traders can look for long opportunities only above 43700, and the Bank Nifty should remain above 43,700 for 15 minutes to confirm a long position. To confirm a short, the it needs to break a low of 42,600 & sustain it for 15 minutes. Support placed at 42265, 42523 and 42903 while resistance at 43542, 43799 and 44180,” said analysts at Stoxbox.

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First published on: 09-05-2023 at 08:57 IST