Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain volatile on monthly F&O expiry. The GIFT Nifty futures traded 50 points or 0.25% higher at 19,856 in early morning trade. Asian markets were trading mostly in green – China’s Shanghai Composite Index rose 0.46%, South Korea’s KOSPI jumped 0.79%, Hong Kong’s Hang Seng soared 1.18%, Asia Dow surged 0.97% while Japan’s Nikkei 225 dipped 0.05%. The US indices ended the overnight session mixed after the Federal Reserve hiked interest rates by 25 basis points – Dow Jones Industrial Average (DJIA) rose 0.23%, S&P 500 dipped 0.02% and the tech-heavy Nasdaq fell 0.12%. On Wednesday, the NSE Nifty 50 gained 0.50% or 97.70 points to close at 19,778.30 and the Sensex climbed 351.49 points or 0.53% to settle at 66,707.20. In sectoral indices, Nifty Bank rose 0.47%, Nifty FMCG surged 1.05%, Nifty IT gained 0.13%, Nifty PSU Bank climbed 1.50% Nifty Pharma rose 0.66%, Nifty Media jumped 0.93%, Nifty Private Bank gained 0.68%, Nifty Oil & Gas rose 0.63% and Nifty Realty climbed 1.19% while Nifty Auto slipped 0.01%.
NSE Nifty 50 Outlook
Nifty resistance at 19900/20000
“Nifty daily chart indicates a downward consolidation breakout, suggesting potential downward momentum. The RSI confirmed this sentiment with a bearish crossover. Key support was identified at 19700, while resistance levels were observed at 19900/20000, providing crucial reference points for traders and investors,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty support at 19615–19560
“The daily and the hourly momentum setup is providing divergent signals which can lead to a consolidation in the short term. The daily Bollinger bands are also contracting which points towards a consolidation in the short term. In terms of levels, 19615–19560 shall act as a crucial support zone for Nifty and on the upside 19830–19850 shall act as an immediate hurdle zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty to target levels of 46500
“Bank Nifty also witnessed a bounce from the cluster of 45670–45700 where support parameters in the form of the 38.2% Fibonacci retracement level and the 40-hour moving average were placed. The fall as well as the rise on the hourly time frame are overlapping in nature which gives us a sense that the Bank Nifty is undergoing a corrective phase that is not over yet. Once this consolidation phase is over, we can expect the uptrend to resume and expect it to target levels of 46500,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty resistance level at 46400
“Bank Nifty has established a support level at 45600 and a resistance level at 46400. A break above the resistance or below the support on a closing basis could potentially trigger a trending move in the market,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.