Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade lower today amid unfavourable global cues. The SGX Nifty recorded a gain of 0.01% during Monday’s early trading session, with a value of 18,901. US indices ended the previous session inbred. Asian markets were trading in red today. On Friday, the NSE Nifty 50 gained 138 points to 18,826 and BSE Sensex skyrocketed 0.74% to 63,385.
NSE Nifty 50 Outlook
Nifty support at 18790-18670; resistance at 18900-19000
Nifty outlook is positive for a new all-time high. First support at 18790 and then 18670 while resistance at 18900 and 19000, according to Rahul Sharma, JM Financial.
Nifty may touch all-time high this week
“Nifty is now knocking on the door of clocking fresh record highs and even reaching yet another milestone of 19000. Considering a strong close above 18800 and with the recent laggard, BFSI space participating in the move on Friday, we will not be surprised to see this achievement in the first half of this week. On the flip side, the base has shifted higher towards 18600–18550, before which 18700 is to be considered as immediate support,” said Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd.
Nifty to target 18888-19000
“Nifty is expected to continue with positive momentum this week as well. On the upside, the target would be an all-time high of 18888 and beyond that of 19000. In terms of levels, 18670–18650 shall act as a crucial support zone while 18888-18900 is the immediate hurdle zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty support at 43665-43315; resistance at 44300-44585
Bank Nifty’s key inflexion point is 44000. First support at 43665 and then 43315 while resistance at 44300 and then 44585, according to Rahul Sharma, JM Financial.
Bank Nifty may move towards 45000 if it closes above 44200-44300
“Bank Nifty is seen to be making an inside candlestick on the daily timeframe after yesterday’s bearish engulfing candle which can be the cause of short-term negativity. If Bank Nifty closes above the range of 44200-44300 it will start moving towards 45000 in the coming weeks. The resistance is at around 44200-44300 and the support is at around 43700-43800. Till the time Bank Nifty breaks this range, it is expected to remain sideways. Technical indicator RSI is at around 53 and is showing strength by sustaining above 50 levels,” said Mitesh Karwa Research Analyst at Bonanza Portfolio Ltd.
Bank Nifty immediate support seen at Thursday’s low of 43400
“Bank Nifty remain in range with the immediate support levels seen at Thursday’s low of 43400 and the 50SMA around 43200. On the upside, resistance levels are at 44200 – 44500. Traders are hence advised to maintain a positive bias and view any dip towards the mentioned support levels as a buying opportunity,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.