Stock Market Today, Nifty, Bank Nifty: Benchmark indices may trade flat today amid muted global cues. The Nifty futures on Singapore Exchanges (SGX) were trading 18 points or 0.10% lower at 18,863 in the early morning trade. Asian markets were trading mostly in red – Hong Kong’s Hang Seng tanked 1.62%, China’s Shanghai Composite Index tumbled 0.57%, South Korea’s KOSPI sank 0.45%, Asia Dow dipped 0.37% while Japan’s Nikkei 225 rose 0.28%. The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) fell 0.72%, S&P 500 dropped 0.47% and the tech-heavy Nasdaq dipped 0.16%. On Tuesday, the NSE Nifty 50 surged 61.25 points or 0.33% to 18,816.70 and BSE Sensex soared 159.40 points or 0.25% to 63,327.70. In sectoral indices, Bank Nifty gained 132.75 points or 0.30% to 43,766.50, Nifty Auto rose 0.74%, Nifty IT was up 0.78% while Nifty Media fell 1.22% and Nifty Pharma dipped 0.19%.
NSE Nifty 50 Outlook
Nifty support at 18780-18710
Choppiness continues as markets are bouncing back on alternate days. The more we sustain above 18800, the more chances of hitting a new all-time high. First support at 18780 and 18710 while resistance at 18881 and then 19000, according to Rahul Sharma, JM Financial.
Nifty may head towards psychological level of 19000
“Nifty may touch new highs in the upcoming morning session, and then potentially head towards the psychological level of 19000. Traders are hence advised to remain upbeat and continue the recent strategy of buying during intra-day dips. In terms of support levels, 18550 – 18600 are crucial levels, with Tuesday’s low around 18660 also serving as a pivotal point,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty resistance placed at 18850-18900
“Nifty trend appears positive as it closed above the 18800 level. The momentum indicator, Relative Strength Index (RSI), indicates a bullish crossover, suggesting increasing buying pressure. Looking ahead, resistance levels are expected around 18850-18900 on the higher end, indicating potential price barriers. On the lower end, support is placed at 18700, indicating a level where the stock may find buying interest,” said Rupak De, Senior Technical at LKP Securities.
All eyes on Nifty’s all-time high at 18888 mark
“After wobbling in the morning session, bulls regrouped at lower levels as the benchmark indices raced higher to end the session in green. Markets were in total control despite the cautious mood at Dalal Street, with IT and metal stocks ending as star performers. While Nifty has support at 18751 and 18553 levels, it could face resistance at the 18888-19150 zone. All eyes will be at Nifty’s all-time high at the 18888 mark and above the same, bulls will aim for the psychological 19000 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Nifty may touch all-time high of 18888 if it holds above 18660
“Nifty’s low of 18660 shall be the crucial support to watch out for and until it holds on we can expect the Nifty to touch an all-time high of 18888 over the next few trading sessions. The daily and the hourly momentum indicator has a positive crossover which is a buy signal. Thus, both price and momentum indicators are suggesting that the positive momentum is likely to continue. Crucial support levels to keep handy are 18660–18610 and 18880–18900 is the crucial resistance level,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty trend decider level – 18750
“Nifty took support near 18650 and bounced back sharply. On intraday charts, the index has formed a double bottom formation which is indicating the continuation of an uptrend formation in the near future. For the day traders, 18750 would be the trend decider level. Above the same, the index could rally till 18900-18925. Below 18750, the selling pressure is likely to accelerate and the index could retest the level of 18650-18620,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Nifty OI Data
“The volume profile suggests that the Nifty possesses robust support within the 18,650-18,600 zone. Examining the Open Interest (OI) data, the call side reveals the highest OI at a 19,000 strike price, followed by an 18,900 strike price. On the put side, the highest OI is observed at the 18,700 strike price. These levels are crucial in determining potential resistance and support areas for future market movements,” said Ameya Ranadive CMT CFTe, Equity Research analyst at Choice Broking.
Bank Nifty Outlook
Bank Nifty range of consolidation likely to be 43400–44500
“Bank Nifty held on to the support level of the lower boundary of 43400 and has witnessed a buying interest. On the upside, the 20-day moving average (43967) is the immediate hurdle and once that is crossed we can expect a further upside till 44500 in the short term. The daily momentum indicator still has a negative crossover and hence we can expect rangebound action going ahead. The range of consolidation is likely to be 43400–44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty may rise to 45000 if it manages to surpass 44000
“Bank Nifty saw the bulls hold a support level of 43400. Currently, the index is trading within a broad range between 43400 and 44000. A breakout on either side of this range is likely to result in trending moves. As long as the support level of 43400 is held, a buy-on-dip approach is suggested. Once the index surpasses the level of 44000 it will witness a sharp short covering on the upside towards 45000 levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty support at 43400-43500
“Bank Nifty is anticipated to find support around the 43400-43500 levels, while resistance is likely to be encountered around the 44,050 level. Overall, Tuesday witnessed positive market trends, with Nifty and Bank Nifty experiencing short covering and achieving notable gains,” said Ameya Ranadive CMT CFTe, Equity Research analyst at Choice Broking.
Bank Nifty resistance at 43900-44000
“If Bank Nifty closes above the range of 44200-44300, it will start moving towards 45000 in the coming weeks. The resistance is at around 43900, 44000 and the support is at around 43600, 43700. Till the time Bank Nifty breaks this range it is expected to remain sideways. Technical indicator RSI is at around 51 as is showing strength by sustaining above 50 levels,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.