Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex trade flat amid mostly muted global cues. The GIFT Nifty futures traded 14.5 points or 0.07% higher at 19,633.5 in early morning trade. Asian markets were trading mostly in red – China’s Shanghai Composite Index tanked 1.08%, South Korea’s KOSPI tumbled 0.15%, Japan’s Nikkei 225 dipped 0.09%, Asia Dow fell 0.09% while Hong Kong’s Hang Seng rose 0.33%. The US market ended Friday’s session mixed – Dow Jones Industrial Average (DJIA) rose 0.33%, S&P 500 dipped 0.10% and the tech-heavy Nasdaq fell 0.18%. On Friday, the Nifty 50 soared 150.75 points or 0.78% to close at 19,564.50 after making a new 52-week high of 19,595.35 intraday. The Sensex jumped 502.01 points or 0.77% to settle at 66,060.90 after hitting a fresh all-time high at 66,159.79 intraday. In sectoral indices, Bank Nifty surged 154.25 points or 0.35% to 44,819.30, Nifty IT skyrocketed 4.45% and Nifty Realty gained 1.16%.
NSE Nifty 50 Outlook
Nifty to continue its upward trajectory toward 19700-19800
“Nifty 50 extended its winning streak for the third consecutive week to form a fresh all-time high at 19595.35. The significant surge in the index has been attributed to substantial buying activity by FIIs, who injected Rs 5,417.80 crore into the cash segment, and improved global sentiments. The Nifty seems poised to continue its upward trajectory toward the levels of 19700 and 19800. In the event of any correctional fall, approximately around the 19450 mark,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Nifty looks set to test 19750 and march toward 20000
“As Nifty has ended a week-long consolidation phase, it now looks set to test 19,750 and eventually march toward a new milestone of 20,000. In case of a decline, 19,100-19,300 would provide the cushion. Participants should align their positions accordingly while maintaining their focus on stock selection and risk management,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Nifty resistance placed at 19670–19720
“On the daily charts, we can observe that Nifty is on the verge of breaking out of an eight-day consolidation on the upside. The Nifty has spent a considerable amount of time consolidating and we believe that the base is in place for the next leg of up-move. On the upside immediate resistance is placed in the zone 19670–19720 while crucial support is placed in 19400–19360,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Nifty short-term support at 19300
“Nifty’s break above the consolidation range of 19300-19500 suggests increasing optimism in the market. The resistance at 19500, which was heavily built by Call writers, has been surpassed on a closing basis. This breakthrough is expected to lead to a significant rally as the Call writers unwind their positions. The bullish crossover on the momentum indicator RSI reinforces the upward momentum. The Nifty may potentially reach levels around 19700-19720, but it’s important to consider the short-term support at 19300,” said Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty Outlook
Bank Nifty to target 45000-45400
“Bank Nifty has witnessed buying interest from that crucial support zone and we expect the positive momentum to continue on the upside. we can also see a positive divergence and positive crossover on the hourly charts which indicates that the selling momentum is weakening. We expect the Bank Nifty to start recovering as it has now reached a crucial support zone. On the upside initially, we expect it to target 45000 – 45400,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty resistance at 44900-45000
“Bank Nifty is seen to be making a spinning top candlestick on the daily timeframe as it took support at crucial support levels of 44600 and closed in green. The trend for this week can be considered as rangebound till the time the range of 44600-45000 is broken on either side. The resistance is at around 44900-45000 and the support is at around 44600-44500. Technical indicator RSI is at around 58 whereas the 200 EMA is at 41887,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
Bank Nifty may consolidate in range of 44500-45000
“Bank Nifty is facing significant resistance at 45000, hindering its upward movement. As long as it remains below this level, a clear directional up move is unlikely. Support is established at 44700 on the lower end. The bullish crossover on the momentum indicator RSI suggests positive momentum. Going forward, the index may continue to consolidate with the bands of 44500-45000; any decisive breakout on either side may create a directional trend,” said Rupak De, Senior Technical analyst at LKP Securities.