Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may rise today, recovering some of last two days’ losses, following a strong US market overnight and soaring Asian market this morning. Data showed that US CPI and India’s WPI inflation eased in February. The Nifty futures on the Singapore Exchange (SGX) were trading 100 pts or 0.6% higher at 17,210 in the early morning trade. Asian markets were in green with China’s Shanghai Composite index rising 0.62%, Hong Kong’s Hang Seng jumping 2.49%, Japan’s Nikkei 225 surging 0.25% and South Korea’s KOSPI soaring 1.82%. The US market ended the overnight session in green with Dow Jones Industrial Average rising 1.06%, S&P 500 surging 1.65% and the tech-heavy Nasdaq soaring 2.14%. Earlier Tuesday, the NSE Nifty 50 fell 111.00 pts or 0.65% to 17,043.30 and BSE Sensex plunged 337.66 pts or 0.58% to 57,900.19. In sectoral indices, Bank Nifty tanked 153.30 pts or 0.39% to 39,411.40, Nifty IT sank 1.65%, Nifty Auto was down 0.89%, Nifty PSU Bank was down 1.90% and Nifty FMCG was down 0.58%.
Nifty first support at 17048 and then 16956
“Nifty first support at 17048 and then 16956 and resistance at 17255 and 17370,” said Rahul Sharma, JM Financial.
“For the last four days, Nifty has been pricing in the US banking crisis and an impending rate hike of 25–50 basis points. Going forward, 16950 will likely act as crucial support for the index. Only a breakdown below 16950 may trigger a further correction. On the higher end, resistance is visible at 17150-17200,” said Rupak De, Senior Technical Analyst at LKP Securities.
Investors may create positional long trade between 16800-17000
“Nifty can find support between 17000 and 16800 levels. On the upside, 17150 and 17250 should act as resistance areas in the near term. The ideal strategy should be to create positional long trade between 17000 to 16800 levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty strong support around 16700-16800 zone
“Volume profile indicates Nifty has strong support around the 16700-16800 zone. Coming to the OI Data, on the call side, the highest OI was observed at 17200 followed by 17400 strike prices while on the put side, the highest OI is at 17000 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Nifty: ‘sell on rise’ around 17150-17200 zone
“The momentum indicator has a negative crossover which is a sell signal and prices trading along the expanding lower Bollinger band suggest that the fall is likely to continue. The preferred strategy to trade in Nifty would be to sell on the rise around the 17150-17200 zone. On the downside we expect the Nifty to target levels of 16950 where the lower end of the downward-sloping channel is placed. On the upside, 17380 – 17400 where the 40-hour moving average is placed should act as an immediate hurdle zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty strong demand expected near 17000–16900
“The market has entered way below oversold territory, and any relief on the global front could accelerate momentum on the higher side. As far as levels are concerned, 17200 is likely to be seen as immediate resistance, followed by the sturdy hurdle of 200 SMA, placed around the 17400–17450 odd zone in the comparable period. On the downside, strong demand is expected near 17000–16900 odd levels,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
Bank Nifty outlook
Bank Nifty first support at 39352 and then 39016
If 39100 is dismissed, Bank Nifty could slide towards 38500
“Bank Nifty closed below 39600 levels but remained above the previous lower support of 39400 levels, which would help the index to pull back recent losses in the near term. However, if 39100 is dismissed, it could slide towards 38500 levels,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Bank Nifty may witness some pullback rally towards 40000 if it holds 39400
“Bank Nifty continued to witness selling pressure from higher levels and tested the support zone of 39500-39400. The index has formed a Doji candle on the daily chart which indicates indecisiveness amongst the participants. The index, if it manages to hold the level of 39,400 can witness some pullback rally towards 40000,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
Bank Nifty resistance at 39900-40100
“Bank nifty has support at 38800-39000 while resistance is placed at 39900-40100 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.