Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may trade higher today amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 81 points or 0.45% higher at 18,074 in today’s early morning trade. Asian markets were trading in green with South Korea’s KOSPI rising 0.81%, Hong Kong’s Hang Seng jumping 1.18%, Japan’s Nikkei 225 surging 0.71% and China’s Shanghai Composite Index soaring 0.68%. The US market ended the overnight session broadly higher– Dow Jones Industrial Average (DJIA) jumped 1.57%, S&P 500 surged 1.96% and the tech-heavy Nasdaq skyrocketed 2.43%. On Thursday, the NSE Nifty 50 jumped 101.45 points or 0.57% to 17,915.05 and BSE Sensex surged 348.80 points or 0.58% to 60,649.38. In sectoral indices, Bank Nifty surged 170.95 points or 0.40% to 43,000.85, Nifty Auto climbed 99.05 points or 0.76% to 13,071.8 and Nifty IT skyrocketed 290.25 points or 1.07% to 27,355.25.
Nifty outlook
Nifty first support at 17830 and then 17746
Nifty first support at 17830 and then 17746 while resistance at 17959 and 18004, according to Rahul Sharma, JM Financial.
Nifty may head towards 18500 in first half of May
“We can see the breakout getting confirmed and now Nifty would probably be eyeing the next cluster of 18000 – 18200 in the coming days. The financial space has played a vital role in it and if it continues, we will not be surprised to see Nifty even heading towards 18500 in the first half of the May series. As far as supports are concerned, the strong support is visible around 17800 – 17700; whereas the sacrosanct zone is placed at 17600 – 17550,” said analysts at Sameet Chavan, Head Research – Technical and Derivatives, Angel One Ltd.
Nifty buy-on-dips strategy employed until 17700 is not breached
“The positional outlook is still good, and a buy-on-dips strategy will be employed until the important support level of 17700 on the downside is not breached. The volume profile indicates index has strong support around the 17700-17800 zone. Coming to the OI Data, on the call side, the highest OI observed at 18000 followed by 18100 strike prices while on the put side, the highest OI is at 17800 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Nifty likely to target levels of 18100
“Nifty is likely to target levels of 18100 from a short-term perspective. On the daily charts, the momentum indicator has triggered a fresh positive crossover which is likely to provide speed to the current upmove. Thus, both price and momentum indicators are now in sync and suggest that the current rally is likely to continue. As long as the Nifty continues to trade above the 17720-17700 support zone we expect the positive momentum to continue,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty might move towards 18000-18100
“On the daily chart, the Nifty has given an inverted head and shoulder pattern, suggesting a bullish reversal. Besides, the index has remained above the critical moving average. On the higher end, Nifty might move towards 18000/18100 over the near term. On the lower end, support is placed at 17800,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty outlook
Bank Nifty first support at 42823 and then 42641
Bank Nifty first support at 42823 and then 42641 while resistance at 43111 and 43217, according to Rahul Sharma, JM Financial.
Bank Nifty resistance placed at 43500-43700
“Bank Nifty is outperforming the markets, having breached 43000 on an intraday basis and closing at 43000.85, indicating strength. Bank Nifty has support at 42300-42500 while resistance is placed at 43500-43700 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Bank Nifty might move towards 43300-43500
“On the daily chart, the Bank Nifty has remained above the consolidation breakout point. Besides, the index has remained above the critical moving average. On the higher end, Bank Nifty might move towards 43300/43500 over the near term. On the lower end, support is placed at 42750,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty’s move above 43300 may induce rally towards 43600
“Over the short term, the trend in the banking space is likely to remain positive as long as Bank Nifty remains above 42600. On the higher end, immediate resistance is placed at 43300. A move above 43300 may induce a rally towards 43600 levels. On the downside, there are multiple supports in the range of 42600–42500 in the form of the 9-day moving averages and Conversion Line which shall provide a cushion in case of a fall,” said Ashish Katwa Research Analyst at Bonanza Portfolio Ltd.
