Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade flat amid mostly muted global cues. The GIFT Nifty futures traded 23 points or 0.12% higher at 19,612 in early morning trade. Asian markets were trading mostly flat – China’s Shanghai Composite Index tumbled 0.65%, Japan’s Nikkei 225 dipped 0.13%, Asia Dow fell 0.15% while South Korea’s KOSPI rose 0.05% and Hong Kong’s Hang Seng was up 0.05%. The US market ended Friday’s session in red – Dow Jones Industrial Average (DJIA) plunged 0.43%, S&P 500 tanked 0.53% and the tech-heavy Nasdaq sank 0.36%. On Friday, the NSE Nifty 50 surged 135.35 points or 0.70% to 19,517, and the 30-share Sensex climbed 480.57 points or 0.74% to 65,721.25. In sectoral indices, Bank Nifty surged 0.82%, Nifty Financial Services climbed 0.79%, Nifty IT soared 1.55%, Nifty Metal gained 0.31%, Nifty Pharma climbed 0.94%, and the Nifty Private Bank soared 1.25%, while Nifty Auto fell 0.33% and the Nifty PSU Bank plunged 0.70%.
NSE Nifty 50 Outlook
Nifty’s failure to move above 19566 could trigger selling pressure
“The recent fall has pulled the Nifty below the 21-day exponential moving average (EMA) for the first time since March 29. On an immediate basis, 19,300 has acted as support. However, on the higher end, 19,566 is likely to act as a crucial resistance level. The sentiment is likely to remain weak as long as the Nifty remains below 19,566. However, a decisive move above 19,566 could take the index towards 19,700-19,750. On the other hand, a failure to move above 19,566 could trigger selling pressure,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty support at 19100-19300
“We expect Nifty to consolidate in a broader range ahead wherein 19,100-19,300 would offer support in case of further decline while a rebound towards the 19,650-19,850 zone would attract profit-taking again,” said Ajit Mishra, SVP – Technical Research, Religare Broking Ltd.
Nifty could see pullback rally if it trades above 19400
“We could see promising pullback rallies if Nifty trades above 19,400 and on the further upsurge, it could move up to 19,600 or 20-day SMA. Further upside could lift the market to 19,700. On the flip side, below 19,400 the selling pressure is likely to accelerate. Below, the index could slip to 19,300-19,250,” said Amol Athawale, Vice President – Technical Research, Kotak Securities.
Bank Nifty Outlook
Bank Nifty could retest level of 44300-44000
“After a sharp correction, the Bank Nifty took support near the 50-day SMA and bounced back sharply. For traders, the 50-day SMA or 44,500 would be the sacrosanct support level. Above this, it could rally till 20-day SMA or 45,400-45,500. On the flip side, below 44,500, the uptrend would be vulnerable and below the same, it could retest the level of 44,300-44,000,” said Amol Athawale, Vice President – Technical Research, Kotak Securities.
Bank Nifty important support at 44500-44400
“Bank Nifty closed with a neutral candlestick pattern on the daily timeframe after taking support at an important zone of 44,500. The trend for this week can be considered sideways till the time 44,400 and 45,000 zones are broken on either side. Important support zones are at 44,500, 44,400 whereas resistance zones are at 44900, 45000,” said Mitesh Karwa, Research Analyst, Bonanza Portfolio.
Bank Nifty may target 45800-46000 if it closes above 45200
“Bank Nifty’s conclusive break above the 45,200 level, particularly on a closing basis, could initiate further upward movement, potentially targeting levels around 45,800 or even 46,000. On the downside, a support level can be identified at 44,500. Should the index break below this support, the bears could regain control, potentially leading to more downward movements. In terms of the price range, the Bank Nifty index has been fluctuating within the broad range of 44,500-45,200. A breach on either side of this range could signal a shift towards trending movements,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.