Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade in the green today amid mostly positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 23.5 points or 0.13% higher at 18,359 in today’s early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng fell 0.23%, China’s Shanghai Composite index plunged 0.47%, South Korea’s KOSPI climbed 0.64% and Japan’s Nikkei 225 jumped 0.63%. The US market ended the overnight session mixed – Dow Jones Industrial Average (DJIA) fell 0.42%, S&P 500 rose 0.02% and the tech-heavy Nasdaq jumped 0.50%. On Monday, the Nifty rose 111 points or 0.61% to 18,314.40 and BSE Sensex zoomed 234 points or 0.38% to 61,963.68. In sectoral indices, Bank Nifty fell 84.30 points or 0.19% to 43,885.10 and Nifty IT surged 703.65 points or 2.49% to 29,007.30.
NSE Nifty 50 Outlook
Nifty first support at 18228 and then 18134
NSE Nifty 50 first support at 18228 and then 18134 while resistance at 18383 and then 18444, according to Rahul Sharma, JM Financial.
Nifty expected to rise as long as it holds 18300
“Nifty might face resistance if holding above the 18300 level, below the 18200 level it might retest the 18000 level. Therefore, the index is expected to continue rising in the future until the index trades above the 18300 level. On the downside, support lies at 18,200, followed by 18000,17870 and 17800,” said Rohan Shah, head technical analyst at Stoxbox.
Nifty immediate target set at 18450-18500
“The bulls have regained control, and as we mentioned in our previous commentary, the base level seems to have shifted higher to the range of 18050-18100, while the immediate target is now set on the 18450-18500 levels. Traders should maintain a positive bias and view dips as buying opportunities, with immediate support expected around the 18200 level,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty may rise to 18500 in next few days
“The general picture is positive, and the market will continue to buy on dips until the Nifty’s critical support level of 18050 on the downside is not surpassed. We anticipate that buying in the IT sector will continue and that the Nifty will rise to 18500 in the next few days. Volume profile indicates Index has a strong support around 18050-18150 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18400 followed by 18500 strike prices while on the put side, the highest OI is at 18200 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Nifty resistance on higher side at 18375-18400
“Caution is advised around the important retracement resistance zone, and traders should monitor the levels mentioned for potential market movements. Nifty has strong support at the 18200 range while resistance on the higher side at 18375 to 18400 range,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty range of consolidation likely to be 18000–18400
“On the upside, the zone of 18350–18375 where crucial Fibonacci retracement levels are placed can act as immediate hurdles from a short-term perspective. On the downside, the key hourly moving averages placed in the range 18210–18250 shall act as a cushion and provide support in case of a slide. Overall, we still believe that the Nifty is in a consolidation mode and the range of consolidation is likely to be 18000–18400,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty Outlook
Nifty Bank first support at 43716 and then 43549
Bank Nifty first support at 43716 and then 43549 while resistance at 44034 and then 44187, according to Rahul Sharma, JM Financial.
Bank Nifty resistance placed at 44150
“Yesterday, stocks gained, with the IT sector leading the way. For the day, the Bank Nifty and the financial sector underperformed. Bank Nifty has support at 43500-43650 while resistance is placed at 44150 which is also close to an all-time high level,” said Deven Mehata, Equity Research Analyst at Choice Broking.
