Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade flat amid muted global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 26 points or 0.14% lower at 18,212 in today’s early morning trade. Asian markets were trading in green – Hong Kong’s Hang Seng rose 0.4%, China’s Shanghai Composite index was up 0.41%, South Korea’s KOSPI climbed 0.72% and Japan’s Nikkei 225 was trading flat. The US market ended Friday’s session in red – Dow Jones Industrial Average (DJIA) fell 0.33%, S&P 500 dipped 0.14% and the tech-heavy Nasdaq dropped 0.24%. On Friday, the NSE Nifty 50 jumped 73.45 points or 0.41% to 18,203.40 and BSE Sensex surged 297.94 points or 0.48% to 61,729.68. In sectoral indices, Bank Nifty soared 217.1 points or 0.50% to 43,969.40, Nifty IT skyrocketed 1.47% while Nifty Pharma fell 0.96%.
NSE Nifty 50 Outlook
Nifty first support at 18129 and then 18027
Nifty first support at 18129 and then 18027 while resistance at 18287 and then 18343, according to Rahul Sharma, JM Financial.
18400-18450 likely to act as sturdy wall for Nifty
“Nifty run-up is expected to continue in the coming period. On the technical levels, the 18050-18000 was firmly safeguarded. On the higher end, 18400-18450 is likely to act as the sturdy wall and a decisive breach would only trigger fresh longs in the system in the future,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.
Nifty resistance on higher-end seen at 18300
“Nifty found support at the 21EMA, resulting in a smart recovery from the day’s low. Positive divergence was observed on the hourly RSI, suggesting a possible shift in momentum. Resistance on the higher end, is seen at 18300, while support is placed at 18050,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty could retest 18500-18700 zone
“Nifty respected the crucial support at 18,050 on Friday and its sustainability would be critical for the index to retest the 18,500-18,700 zone. In case of a breakdown, the 17850 zone would offer the needed cushion,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
Nifty range of consolidation likely to be 18000–18400
“Nifty price and momentum indicator suggest that there could be further up moves over the next few trading sessions. In terms of levels, 18300–18350 is the immediate hurdle zone while 18100–18050 shall act as a crucial support zone. Overall, Nifty is in a consolidation mode and the range of consolidation is likely to be 18000–18400,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
If Nifty breaches 18300 level, then 18460 will be next target
“Nifty has found support at the 20DMA of 18050 while resistance levels are expected at 18280–18300, which is at the 9DMA. If the Nifty breaches the 18300 level, then 18460 will be the next target level. Overall, Nifty is in consolidation mode, and the range of consolidation is likely to be at 18000–18400 levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Nifty might retest 18000
“Nifty might face resistance above the 18300-18400 level, below that level it might retest the 18000 level. Therefore, the index is expected to continue rising in the future until the index trades above the 18300-18400 level. On the downside, support lies at 18000, followed by 17870 and 17800,” said Rohan Shah, head technical analyst at Stoxbox.
Nifty may touch 17970 before getting back on to the 18660
“Nifty reclaiming of 18200 on Friday suggests that bulls did not get intimidated by this key level, and are now en route 18660. However, if 18270 appears too stiff an obstacle to cross this week, expect 17970 before getting back on to the 18660 move again,” said Anand James, Chief Market Strategist at Geojit Financial Services.
Nifty needs to surpass key hurdle at the 18473 mark
“It is important for the Nifty index to confirm its strength by surpassing the key hurdle at the 18473 mark. Only then can a bullish trend be established. Currently, the market trend is considered neutral,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Bank Nifty Outlook
Bank Nifty first support at 43671 and then 43351
Bank Nifty first support at 43671 and then 43351 while resistance at 44163 and then 44336, according to Rahul Sharma, JM Financial.
Bank Nifty could see a sharp move toward 44500
“Bank Nifty is likely to continue its uptrend. The immediate resistance is at 44000. If the index is able to break above this level, it could see a sharp move toward the 44500 level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty likely to cross all-time high and may head towards 44444
“Bank Nifty is outperforming and consolidating between the 43500–44200 zones. It is likely to cross its all-time high and may head towards the 44444 level. On the downside, 43440 is an immediate support level that should be a stop-loss for long positions,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Bank Nifty inability to scale 44150 or slippage past 43550, could call for 42800
“The presence of several bullish continuation patterns in the hourly chart encourages us to remain positive on Bank Nifty. However, the inability to scale 44150 or outright slippage past 43550, could call for 42800,” said Anand James, Chief Market Strategist at Geojit Financial Services.
Bank Nifty resistance at 44000, 44100 and 44200
“Bank Nifty undertone remains bullish as long as it holds the levels of 43500 as put writers are fiercely active on 44000 and 43500 and call writers are active on 44500 and 44000. Technical indicator RSI is at around 66 and is showing strength by sustaining above 50 levels. Support placed at 43850, 43700 and 43500 while resistance at 44000, 44100 and 44200,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.