Stock Market Today, Nifty 50, Bank Nifty:The GIFT Nifty recorded a 20 point gain during Monday’s early trading session, with a value of 19,342.5 indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, benchmark Indian equity indices Nifty and Sensex hit all-time highs and settled at record closing highs. Nifty 50 surpassed over 19,200 but closed at 19,189.05 while Sensex ended trade at 64,718.56, higher by 800 points.
U.S. stocks ended higher to kick off the trading week on Monday, buoyed by gains in financial and technology shares as investors awaited the next round of quarterly results this week as earnings season gathers speed, according to Reuters. S&P 500 advanced 0.22%, the Nasdaq Composite jumped 0.93%, and the Dow Jones Industrial Average rose 0.22%.
NSE Nifty 50 Outlook
Nifty 50 charts indicating breakout
“The Nifty registered a new record high, driven by the performance of the IT sector, large banks, and Reliance Industries. The daily chart shows a breakout from a consolidation phase, indicating positive change. The RSI is showing a bullish crossover, suggesting further upward movement. The immediate resistance for the index is expected around 19,725-19,750, while support is positioned at 19,600 on the lower side,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty can touch 20,000
“Having moved decisively above the resistance of 19,500 levels recently, Nifty is expected to reach towards the next upper trajectories of 19,800 levels (1.382% Fibonacci projection) and psychological 20,000 mark in the near term. Important support for trend reversal is placed at 19,500 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Nifty 50 support seen at 19,000
“Technically, the Nifty has formed a bullish candle on daily charts and has also formed a breakout continuation formation on intraday charts. While the market is bullish, it is in an overbought and hence traders may prefer to book some profits at higher levels. For the trend following traders, 19,600 would be the sacrosanct support level, above which the index could rally till 19,800-19,825. On the flip side, below 19,600, the uptrend would be vulnerable,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.
Nifty 50 target at 20,000
“With broad-based buying and positive momentum, the rally is expected to continue, possibly challenging the psychological level of 20,000 in the near term with immediate resistance around 19,850 – 19,900. Traders are advised to stay optimistic, avoid contra bets, and look for opportunities to enter long positions during intraday dips. Immediate support levels are likely to be around 19,600, followed by the ‘Flag’ breakout levels at 19,500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty to witness sharp surge
“Bank Nifty deserves a special mention today as it has broken out of a falling channel indicating that the consolidation phase is over and it is likely to witness a sharp surge over the next few trading sessions. On the upside we expect it to target levels of 46,500 in the short term. Crucial support on the downside is placed at 44,700,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty resistance at 45,500
“The bulls made a strong comeback in the market and pushed the Bank Nifty index higher, surpassing the significant resistance level of 45,000 with notable trading volumes. This breakout indicates a shift in sentiment towards bullishness. The strong support level is identified at 44,700, which is expected to act as a key level for potential pullbacks or market dips. A break above the level of 45,500 is anticipated to drive the index towards new high levels,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.