Stock Market Today, Nifty, Bank Nifty: Nifty, Sensex may trade flat on Monday. The Nifty futures on the Singapore Exchange were trading 20 pts or 0.11% lower at 17,696.50 in the early morning trade. Asian markets were trading mostly in green, with Japan’s Nikkei 225 rising 0.34%, South Korea’s KOSPI climbing 1.04%, and China’s Shanghai Composite dropping 0.25%. Hong Kong’s Hang Seng remained closed on Monday. The US market ended the previous session in green – Dow Jones Industrial Average rose 0.01%, S&P 500 advanced 0.36% and the tech-heavy Nasdaq increased 0.76%. On Thursday, the NSE Nifty 50 rose 42.10 pts or 0.24% to 17,599.15, BSE Sensex climbed 143.66 pts or 0.24% to 59,832.97 and Bank Nifty advanced 41.85 pts or 0.10% to 41,041.00.
Nifty outlook
Nifty first support at 17566 and then 17482
Nifty first support at 17566 and then 17482 while resistance at 17725 and 17800, according to Rahul Sharma, JM Financial.
Nifty consolidation expected over next few trading sessions
“The Daily Bollinger bands are contracting which indicates that the upside might be limited from the heron. Also on the hourly momentum indicator, we can observe negative divergence which indicates a loss of momentum on the upside. After witnessing 700 points rally in the last five trading sessions a consolidation is highly likely. Thus, considering the above factors we expect the Nifty to consolidate over the next few trading sessions and any dip towards the support zone of 17500 – 17430 should be used as an opportunity to create fresh long positions,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty immediate hurdle seen at 17600-17700
“Nifty surpassed the 200 SMA on a closing basis, which is a strong comeback. But at the same time, one should not become complacent and should not rule out the possibility of a breather post the steep rally. As far as levels are concerned, 17500-17400 is likely to cushion any short-term blip, while the sacrosanct support lies around the bullish gap of 17200 in the comparable period. On the flip side, the 17600-17700 is likely to be seen as an immediate hurdle and an authoritative breach beyond the same could only trigger the next leg of the rally in Nifty towards 17800,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Nifty will remain buy-on-dips above 17500
“Nifty has given a falling channel breakout on the daily timeframe, pointing towards a bullish trend reversal. Besides, the index has closed above the critical moving average for the second consecutive day. A positive crossover in the momentum indicator RSI will boost sentiment. Going forward, the market will remain buy-on-dips as long as it remains above 17500. On the higher end, immediate resistance is visible at 17700; above which the index may move up towards higher levels,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty outlook
Bank Nifty first support at 40960 and then 40757
Bank Nifty first support at 40960 and then 40757 while resistance at 41395 and 41627, according to Rahul Sharma, JM Financial.
Bank Nifty resistance placed at 41000
“Bank Nifty continued its rally on the upside and any dip was bought confidently by the bulls. The index surpassed the level of 40,000 earlier this month and post that there has been a one-way rally. The index is now trading around the next resistance zone of 41,000 and if we sustain above this, we expect the rally to continue higher toward the 42,000 mark. The lower-end support is visible at the 40,600-40,500 zone which will act as a cushion for the bulls,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.