Stock Market Today, Nifty, Bank Nifty: Nifty and Sensex may remain in the green territory on Tuesday amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) traded 49 pts or 0.29% higher at 17,062 in the early morning trade. Asian markets were trading in green with China’s Shanghai Composite index rising 0.1%, Hong Kong’s Hang Seng climbing 0.31%, South Korea’s KOSPI advancing 0.47% and Japan’s Nikkei 225 increasing 0.04%. The US market ended the overnight session in the positive territory with Dow Jones Industrial Average rising 0.60%, S&P 500 climbing 0.16% and the tech-heavy Nasdaq falling 0.47%. On Monday, the NSE Nifty 50 rose 40.65 pts or 0.24% to 16,985.70 and BSE Sensex climbed 126.76 pts or 0.22% to 57,653.86. In the sectoral indices, Bank Nifty 35.95 pts or 0.09% to 39,431.30, Nifty Financial Services fell 0.04%, Nifty PSU Bank rose 0.26%, Nifty IT rose 0.05% and Nifty Pharma surged 1.08%.
Nifty first support at 16935 and then 16846
Nifty first support is placed at 16935 and then 16846 while the resistance is placed at 17119 and 17214, according to Rahul Sharma, JM Financial.
“Volume profile indicates Nifty has strong support around the 16850-16750 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17100 followed by 17200 strike prices while on the put side, the highest OI is at 16900 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Nifty trend remains bearish
“The trend remains bearish as the benchmark index Nifty continues to stay below the critical moving average. Besides, the bearish crossover of the 21 EMA and the 55 EMA has been boosting the bearish market sentiment. Sell the rally should be the theme for traders as the rallies are getting sold into. On the higher end, sellers may return around 17,250. The current weakness may take the Nifty towards 16,750 over the short term,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty immediate resistance placed around 17100-17200
“Nifty is still hovering in a slender range and awaits some trigger to come out from the same. As far as levels are concerned, the 16900 zone is likely to cushion any blips, followed by the sacrosanct support of 16800. While on the higher end, the immediate resistance is placed around 17100-17200, and an authoritative breach beyond the same could only trigger some more respite in the market,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Nifty above 17200 can move towards 17450–17500
“On the downside, the Nifty is within the range of 16910 – 16970 where the crucial Fibonacci retracement levels are placed. it is holding on to the supports however unable to surpass the resistance and hence we are witnessing the sideways consolidation. The daily momentum indicator has a positive crossover and thus we shall continue to maintain our positive outlook on the index. On the upside initial targets are placed at 17200 and above that, it can extend higher to 17450 – 17500. The crucial support zone is placed at 16910 – 16870,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty first support at 39265 and then 39095
Bank Nifty first support is placed at 39265 and then 39095 while the resistance is placed at 39677 and 39920, according to Rahul Sharma, JM Financial.
Bank Nifty resistance at 39700-39900
“Bank Nifty has support at 38900-39100 while resistance is placed at the 39700-39900 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Bank Nifty stuck in broad range between 39000-40000
“Bank Nifty bears continued to attack the index from higher levels and the index faced stiff resistance at the 39,800-40000 zone. The index is stuck in a broad range between 39000-40000 and a break on either side will have trending moves. The monthly expiry has the highest open interest build-up at 40000 ce and any trade above this will lead to sharp short covering,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.