Stock Market Today, Nifty, Bank Nifty: Benchmark indices may remain volatile today amid mixed global cues. The GIFT Nifty futures traded 19 points or 0.09% at 19,876.5 in early morning trade. Asian markets were trading in red – Japan’s Nikkei 225 fell 0.29%, China’s Shanghai Composite Index tumbled 0.21%, South Korea’s KOSPI plunged 0.25% and Hong Kong’s Hang Seng dipped 0.02%. The US market ended Thursday’s session mixed – Dow Jones Industrial Average (DJIA) rose 0.47%, S&P 500 fell 0.68% and the tech-heavy Nasdaq tanked 2.05%. On Thursday, the Nifty 50 jumped 146 points or 0.74% to close at 19,979.15 after making a new 52-week high of 19,991.85 intraday. The Sensex surged 474.46 points or 0.71% to settle at 67,571.90 after hitting a fresh all-time high at 67,619.17 intraday. In sectoral indices, Nifty Bank jumped 1.13%, Nifty Auto gained 0.41%, Nifty Private Bank rose 1.15%, Nifty Financial Services gained 1.02%, Nifty Pharma surged 1.46%, and Nifty Media jumped 1.11% while Nifty IT slipped 0.66%.
NSE Nifty 50 Outlook
Nifty could retest 19750-19700 if it falls below 19850
“On daily charts, the Nifty 50 has formed a bullish candle and on intraday charts, it is holding a higher bottom formation, which is largely positive. However, the short-term texture of the market is overbought, hence we could see some profit booking at higher levels. For the trend-following traders, 19850 would be the key level to watch out for and above the same, the market could move up till 20100-20150. On the flip side, below 19850 traders may prefer to exit from long positions, as any further correction could see the index retest the level of 19750-19700,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Investors might book profit if Nifty fails to surpass 20000
“Nifty’s value remains above the critical moving average, indicating a positive trend. Furthermore, the RSI shows a bullish crossover, suggesting potential market strength. In the short term, the index is expected to stay positive. However, if it fails to surpass the 20,000 level, investors might engage in profit-taking. There is a support level at 19,800, which could attract buying interest during potential pullbacks,” said Rupak De, Senior Technical analyst at LKP Securities.
Bank Nifty Outlook
Bank Nifty resistance at 46400-46500
“The support level for the Bank Nifty is at 45500, and as long as this level remains intact on a closing basis, the overall trend remains bullish. A break below this support level could signal a potential shift in momentum and may warrant caution for bulls. On the upside, the next immediate hurdle is placed at the 46400-46500 zone,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Bank Nifty to target levels of 46500
“Bank Nifty witnessed a breakout from the inside bar pattern on the upside and also witnessed follow-through buying interest. The daily and the hourly momentum indicator also have a positive crossover. Thus, both price and momentum indicators are suggesting a continuation of the up move and expect the Bank Nifty to target levels of 46500,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.