Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade higher amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 38 points or 0.20% higher at 18,758.5 in today’s early morning trade. Asian markets were trading in green – Hong Kong’s Hang Seng rose 0.08%, China’s Shanghai Composite index was up 0.01%, South Korea’s KOSPI gained 0.9% and Japan’s Nikkei 225 jumped 1.73%. The US market ended the overnight session in positive territory – Dow Jones Industrial Average (DJIA) rose 0.5%, S&P 500 gained 0.62% and the tech-heavy Nasdaq jumped 1.02%. On Thursday, the NSE Nifty 50 sank 91.85 points or 0.49% to 18,634.55 and the BSE Sensex plunged 294.32 points or 0.47% to 62,848.64. In sectoral indices, Bank Nifty tanked 280.05 points or 0.63% to 43,995.25, Nifty Auto fell 0.86%, Nifty IT tumbled 1.12%, Nifty Pharma plunged 1.03% and Nifty Realty sank 1.59%.
NSE Nifty 50 Outlook
Nifty support at 18600 and then 18530
Buy Nifty around 18600 for a bounce back up to 18700 and a stop loss of 18530. First support at 18600 and then 18530 while resistance at 18777 and 18888, according to Rahul Sharma, JM Financial.
Nifty 50 may decline towards the 18500
“Currently, prices are hovering around a key support level, and it will be important to observe if there is further profit booking in the early hours of the coming session. If so, NSE Nifty 50 may decline towards the 18500 zone, which could present a re-entry opportunity for the bulls. On the other hand, if there is no further weakness, prices may rebound from these levels and retest the levels of 18750 – 18800 before potentially reaching new all-time highs,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Uptrend is intact till 18530–18500 is held
“Nifty was unable to carry on the positive momentum from the previous trading session which is a signal of caution from a short-term perspective. The crucial support zone is placed at 18530 – 18500 and until this is held on the uptrend is intact. On the upside, yesterday’s high of 18778 – 18800 shall act as an immediate hurdle zone for the Nifty,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Correction likely to continue as long as Nifty trades below 18725
“Nifty has formed a long bearish candle on daily charts, which indicates further weakness from the current levels. However, the medium-term formation of the index is still on the bullish side. For traders, as long as the index is trading below 18725, the technical correction is likely to continue. Below this, the market could slip till 18600-18550. Contra traders can take a long bet near 18550 with a strict stop loss at 18520,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty trend likely to remain sideways to positive if it holds above 18600
“If the Nifty manages to stay above the 18600 level, the trend is likely to remain sideways to positive. However, there is resistance observed at the 18800-18900 levels on the higher end,” said Rupak De, Senior Technical at LKP Securities.
Bank Nifty Outlook
Bank Nifty support at 43971 and then 43783
Bank Nifty’s make-or-break level is 43700. Fresh shorts if this level gets broken. First support at 43971 and then 43783 while resistance at 44447 and 44734, according to Rahul Sharma, JM Financial.
Bank Nifty to target levels of 44500
“Bank Nifty faced selling pressure from around 44500 levels and has now reached the crucial support level of 44000 which coincides with the 20-day moving average. Thus, it will be crucial for Bank Nifty to hold on to these levels for the upside momentum to continue. Overall, the uptrend is still intact and we expect it to target levels of 44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty breach below 43700 could intensify selling pressure
“Bank Nifty has a support level positioned at 43700. A breach below this support level might indicate a further downside potential and could attract additional selling interest from traders and investors,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty may rise to 45000 if it closes above 44350-44400
“Bank Nifty is seen to be making a bearish candle on the daily timeframe. If Bank Nifty closes above the range of 44350-44400 it will start moving towards 45000 in the coming weeks. The resistance is at around 44350-44450 and the support is at around 43900-44000, till the time it breaks this range the index is expected to remain sideways. Technical indicator RSI is at around 56 and is showing strength by sustaining above 50 levels,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.