Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain volatile on F&O expiry day amid mixed global cues. The Nifty futures on Singapore Exchanges (SGX) were trading 27.5 points or 0.15% lower at 18,807.5 in the early morning Asian trade. Asian markets were trading mixed – Hong Kong’s Hang Seng jumped 1.15%, China’s Shanghai Composite index gained 0.22%, Japan’s Nikkei 225 was trading flat, South Korea’s KOSPI fell 0.24%, and Asia Dow dipped 0.50%. The US market ended the overnight session on a mixed note – Dow Jones Industrial Average (DJIA) fell 0.68%, S&P 500 rose 0.08% and the tech-heavy Nasdaq climbed 0.39%. On Wednesday, the NSE Nifty 50 rose 39.75 points or 0.21% to 18,755.90 and BSE Sensex gained 85.35 points or 0.14% to 63,228.51. In sectoral indices, Bank Nifty fell 91.85 points or 0.21% to 43,988, Nifty Auto rose 0.17%, Nifty FMCG gained 0.59%, Nifty Metal jumped 1.42% and Nifty Oil & Gas surged 0.91%.
NSE Nifty 50 Outlook
Nifty support at 18690-18635
Nifty rangebound movement is expected unless 18778 or 18690 is not taken out. Trail stop loss to 18555 for Longs. Support placed at 18690-18635 and resistance at 18778-18900, according to Rahul Sharma, JM Financial.
Nifty expected to reach 18800 in short term
“NSE Nifty 50 is slowly inching higher towards the previous swing high of 18778 which once taken out shall lead to further upside. The hourly and daily momentum indicators are providing divergent signals which are likely to align once we get a decisive move on either side. Overall, the uptrend is intact, and we expect it to reach levels of 18800 in the short term. In terms of levels, 18630 – 186200 shall act as a crucial support zone while 18778 – 18800 shall act as an immediate hurdle zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty must sustain above 18650-18625 for further gains towards 18825-18865
“For the Nifty to sustain its upward trajectory, it must maintain levels above the 18650-18625 zone. This would pave the way for further gains towards the 18825 and 18865 levels. On the downside, support levels can be found at 18600 and 18550. Options data suggests a broader trading range between 18500 and 18900, while the immediate trading range is expected to be between 18600 and 18800,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
Above 18775, Nifty could rally till 18900-18950
“The short-term formation of the Nifty is on the bullish side but below 18700, we could see a quick intraday correction. For traders, 18775 would be the immediate breakout level to watch out and above the same, the index could rally till 18900-18950. On the other side, below 18700, the selling pressure is likely to accelerate and below the same the index could retest the level of 18600-18575,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Bank Nifty Outlook
Bank Nifty support at 44017-43908
Bank Nifty intraday outlook is bearish if it breaks 43875. Support seen at 44017 and 43908 and resistance at 44272 and 44418, according to Rahul Sharma, JM Financial.
Bank Nifty short-term target placed at 44500
“Bank Nifty has been trading in a narrow range around the 20-day moving average (44000). We expect Bank Nifty to hold on to this support and resume its up move. The short-term target is placed at 44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty resistance placed around 44300
“Bank Nifty consolidation indicates a lack of a clear directional bias in the market. On the downside, the index has a support level of 43700, which has been held during the consolidation phase and can act as a potential floor for prices. On the upside, the index faces resistance around the 44300 level, which has limited the upward movement,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
If Bank Nifty closes in 43750-43800 range then it may fall to 43000
“Bank Nifty has made a big bearish candlestick on the daily timeframe and is seen to be closing around yesterday’s lows which can be the cause of short-term negativity. Bank Nifty close in the range of 43750-43800 will pull the index towards 43000 in the coming weeks. The resistance is at around 44100-44200 and the support is at around 43900-44000. Till the time Bank Nifty breaks this range it is expected to remain sideways. Technical indicator RSI is at around 54 as is showing strength by sustaining above 50 levels,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.