Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may remain under pressure on Tuesday amid mixed global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 33 points or 0.19% lower at 17,730 in the early morning trade. Asian markets were trading mostly in red with China’s Shanghai Composite Index dipping 0.08%, Hong Kong’s Hang Seng dropping 0.47%, South Korea’s KOSPI falling 0.29%, and Japan’s Nikkei 225 rising 0.52%. The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.30%, S&P 500 climbed 0.33% and the tech-heavy Nasdaq jumped 0.28%. On Monday, the NSE Nifty 50 fell 121.15 points or 0.68% to 17,706.85 and BSE Sensex tanked 520.25 points or 0.86% to 59,910.75. In sectoral indices, Bank Nifty rose 130 points or 0.31% to 42,262.55, while Nifty IT plunged 1,334.6 points or 4.71% to 27,008.20.
Nifty outlook
Nifty first support at 17650 and then 17574
“Inspite of the sharp sell-off in IT stocks, markets recovered after the morning shock with stark outperformance seen in PSU Banks. Nifty remains bullish above 17750 and bearish below 17650. Nifty first support at 17650 and then 17574 while resistance at 17750 and 17840,” said Rahul Sharma, JM Financial.
Nifty immediate resistance seen at 17800 – 17900
“We sense prices may see some consolidation in the near term before the next leg of the run and hence the apt strategy would be to buy on dips and book profit at higher levels. As far as levels are concerned, we see Nifty’s sacrosanct support in the zone of 17500 – 17550, whereas 17800 – 17900 seems to be an immediate resistance zone,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty may fall towards 17400 if it breaches 17550
“Over the near term, the Nifty trend is likely to remain sideways, as, after a rally of 900 points, buyers at 17000 would want to take some profits. On the lower end, support lies at 17550, below which the index may fall towards 17400. On the higher end, 17800 is likely to remain resistance for the Nifty,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty can rally till 18000-18080 if it sustains 17865
“If Nifty sustains 17865 levels we can expect a rally till 18000-18080 levels. Coming to the OI Data, on the call side, the highest OI was observed at 17800 followed by an 18000 strike price while on the put side, the highest OI was at 17600 followed by a 17500 strike price,” said Om Mehra, Equity Research Analyst at Choice Broking.
Nifty to target levels of 18000
“On the daily charts, we can observe that Nifty has faced resistance at 17850 – 17870 which coincides with the 50% Fibonacci retracement level (17858) of the fall from 18888 – 16828. We believe that the uptrend is still intact, and this dip should be used as a buying opportunity. In terms of levels, 17860 – 17900 is the immediate hurdle while 17560 – 17500 shall act as crucial support from a short-term perspective. On the upside we expect the Nifty to target levels of 18000,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty outlook
Bank Nifty first support at 41894 and then 41485
Bank Nifty fresh longs above 42300 and 42500. Bank Nifty first support at 41894 and then 41485 while resistance at 42675 and 43049, according to Rahul Sharma, JM Financial.
Bank Nifty resistance placed at 42800
“Bank Nifty has support at the 41600 zone while resistance is placed at 42800. The long-term investor may opt for selective mid-cap and small-cap stocks in addition to large-cap, which currently looks appealing,” said Om Mehra, Equity Research Analyst at Choice Broking.
Bank Nifty in breakout zone for 42600–43000 levels
“Bank Nifty took resistance at 42500 to 42600 on the back of profit booking in HDFC Bank after a positive opening. Bank Nifty took support at 41800 on the back of the good performance of PSU Banks. As per the current closing index, it is still in the breakout zone for 42600/43000 levels, Downside support stands at 42000-41800,” said Rupak De, Senior Technical Analyst at LKP Securities.