Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may trade flat on Wednesday amid muted global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 23 points or 0.13% lower at 17,698 in the early morning trade. Asian markets were trading in red with China’s Shanghai Composite Index dipping 0.38%, Hong Kong’s Hang Seng dropping 1.1%, South Korea’s KOSPI dipping 0.05%, and Japan’s Nikkei 225 tumbling 0.27%. The US market ended the overnight session flat– Dow Jones Industrial Average (DJIA) fell 0.03%, S&P 500 climbed 0.09% and the tech-heavy Nasdaq dipped 0.04%. On Tuesday, the NSE Nifty 50 fell 46.7 points or 0.26% to 17,660.15 and BSE Sensex plunged 183.74 points or 0.31% to 59,727.01. In sectoral indices, Bank Nifty rose 2.65 points or 0.01% to 42,265.20 and Nifty IT jumped 158.75 points or 0.59% to 27,166.95.
Nifty Outlook
Nifty first support at 17610 and then 17500
It was a choppy session for the major indices yesterday but it was midcaps that outperformed. Realty, Pharma and Healthcare saw buying interest. Nifty may remain bullish above 17710 and bearish below 17610. Buy on dips near 17500. Nifty first support at 17610 and then 17500 while resistance at 17710 and 17750, according to Rahul Sharma, JM Financial.
Nifty immediate hurdles visible in range of 17800–17900
“Nifty undertone remains bullish even though the index remained in a slender range; As we advance, we may continue to see the Index consolidating in a range of 17500 – 17900 and meanwhile, traders are advised to keep a tab around 17570 – 17500 levels to go long. On the flip side, the immediate hurdles are clearly visible in the range of 17800 – 17900,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty – Buy-on-dip above 17600
“Nifty took support at 17610 and closed above the previous day’s low, which is positive for today. The broader trend still remains positive and one should keep a buy-on-dip approach as long as the index sustains above the 17600 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Nifty range of consolidation likely to be 17500–17800
“The hourly Bollinger bands are contracting on account of the sideways price action and is also suggesting rangebound price action. The daily momentum indicator has a positive crossover which is a buy signal. The range of consolidation is likely to be 17500 – 17800 for the next few trading sessions,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
“Nifty is likely to trade volatile and choppy with support seen at 17573, while the index may face hurdles at the 17863 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Buy Nifty between 17500 and 17450
“We are of the view that 17800/60200 will now act as an important resistance area for Nifty/Sensex. Above that, the market can go up to 17870-18000/60400-60800. On the downside, selling pressure may increase below 17600/59550. Below this, the index may test 17500-17400/59300-59000 levels again. The strategy should be to buy between 17500/59300 and 17450/59150. For this, keep a stop loss at 17400/59000,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty may see slight rebound up to 17850-17900
“On daily charts, the Nifty has managed to hold the 100 EMA, which is currently around 17625. Nifty has seen a good profit booking in the last two days. 17600-17550 is a critical support level. If this level is maintained, we may see a slight rebound up to 17850-17900,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
Bank Nifty Outlook
Bank Nifty first support at 42136 and then 41955
Bank Nifty first support at 42136 and then 41955 while resistance at 42518 and 42719, according to Rahul Sharma, JM Financial.
Bank Nifty resistance seen at 42800-43000
“Bank Nifty had a turbulent day, failing to close over 43300. Bank Nifty is displaying relative strength in comparison to Nifty, having managed to close in positive territory for the last two days. Bank Nifty must maintain 42000-41800 as a critical support level. Bank Nifty resistance is seen between 42800 and 43000,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
Bank Nifty remains in buy-on-dip mode above 42000
“Bank Nifty continued to witness sideways momentum and is stuck in a broad range between 42,000-42,500. The options data also confirm where 42000pe and 42500Ce are where significant put writing is visible. The index as long as it sustains above 42000 will remain in a buy-on-dip mode and if breached will lead to a further correction towards the 41,500 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.