Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade higher today amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 43 points or 0.23% higher at 18,446.5 in today’s early morning trade. Asian markets were trading mostly in green – Hong Kong’s Hang Seng rose 0.29%, South Korea’s KOSPI was up 0.30% and Japan’s Nikkei 225 climbed 0.78% while China’s Shanghai Composite index fell 0.33%. The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.14%, S&P 500 was up 0.30% and the tech-heavy Nasdaq climbed 0.66%. On Monday, the BSE Sensex jumped 317 points or 0.51% to 62,345.71 and NSE Nifty 50 surged 84.05 points or 0.46% to 18,398.85. In sectoral indices, Bank Nifty climbed 278.55 points or 0.64% to 44,072.10.
NSE Nifty 50 Outlook
Nifty first support at 18350 and then 18290
Nifty has a positive bias above 18390 for 18500. Advisable to take profits in long and re-enter dips. First support at 18350 and then 18290 while resistance at 18460 and then 18500, according to Rahul Sharma, JM Financial.
NSE Nifty 50 could return to 18450 levels
“As long as the NSE Nifty 50 stays above 18,300 it could return to 18,450 and above 18,450 there could be a stronger move higher with a possible target of 18,500-18,600. On the downside, support lies at 18,300, followed by 18,200 and 18,170,” said Rohan Shah, head technical analyst at Stoxbox.
Nifty expected to move towards 18500
“The heavy unwinding in the 18300CE along with decent addition in the 18300PE suggests that the Nifty has support at 18300 and is robust. The Relative Strength Index (RSI) is showing a bullish crossover, indicating increasing buying momentum. In the short term, the index is expected to move towards 18500 and potentially higher,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty may target its all-time high of 18888
“As long as Nifty’s 18213 support is held, expect the index to bounce towards its psychological hurdle at the 18500 mark and then aggressive targets at its all-time high at the 18888 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Nifty has strong support around the 18200-18300
“Volume profile indicates Nifty has strong support around the 18200-18300 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18500 followed by 18600 strike prices while on the put side, the highest OI is at 18300 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Nifty to reach levels of 18500
“On the upside we expect the Nifty to reach levels of 18500 and hence we change our outlook on the Nifty to positive from sideways. In terms of levels, 18500 – 18520 is the immediate hurdle while 18190 – 18220 shall act as a crucial support zone and until this support zone is held, we can expect the dips to be bought into and the positive momentum to continue,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty first support at 43722 and then 43453
Record breaking close yesterday for Bank Nifty plus it almost registered a new all-time high. Expect momentum to continue above 44000 as PSU Bank may step into the rally. First support at 43722 and then 43453 while resistance at 44167 and then 44343, according to Rahul Sharma, JM Financial.
Bank Nifty resistance level will align around 44500-45000
“While the ongoing sentiments are quite bullish, it is important to note that Bank Nifty is currently trading near its all-time high, and therefore, the possibility of a correctional fall cannot be ruled out. The expected support level for such a correctional fall is around 43750, where a fresh round of buying can be witnessed. On the higher side, if prices manage to move above 44152 with a daily closing basis, then the next resistance level will align around 44500-45000,” said Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd.
Nifty Bank may move toward 44444 and 45000 levels
“If Nifty Bank manages to stay above the previous high of 44151, it is likely to move toward the 44444 and 45000 levels. On the downside, the rising 20-day moving average (DMA) offers a robust support level, currently located at the 43000 level, and is expected to counter any potential pullbacks. It is worth noting that a significant profit booking may only occur if the index falls below the 20-DMA,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty undertone remains bullish as long as it holds 43800
“Bank Nifty is seen to be trading in a higher high higher low formation on the daily timeframe as the bulls take it close to all-time high levels. The undertone remains bullish as long as Bank Nifty holds the levels of 43800 as put writers are fiercely active on 43500 and 44000 and call writers are active on 4400 and 45000. Bank Nifty support at 44000, 43700 and 43500 while resistance at 44200, 44350 and 44500,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
Bank Nifty fall below 44000 could potentially trigger panic
“The decent addition in the 44000PE suggests that there is strong support at 44000. However, a decisive fall below 44000 could potentially trigger panic in the banking sector. On the other hand, a decisive move above 44152 might propel the Bank Nifty towards the 44500 level. The key support levels to watch out for are 44000 and 43700,” said Bank Nifty from Rupak De, Senior Technical analyst at LKP Securities.
