Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain volatile amid mixed global cues. The GIFT Nifty futures were trading 22 points or 0.11% higher at 19,515.50. Asian markets were trading in red – China’s Shanghai Composite Index plunged 0.45%, South Korea’s KOSPI fell 0.34%, Japan’s Nikkei 225 tumbled 0.41%, Asia Dow tumbled slipped 0.51% and Hong Kong’s Hang Seng tanked 1.21%. The US market remained closed on Tuesday. On Tuesday, the NSE Nifty 50 jumped 66.45 points or 0.34% closing at 19,389 and BSE Sensex soared 274 points or 0.42% to 65,479.05. In sectoral indices, Bank Nifty surged 143.35 points or 0.32% to 45,301.45, Nifty Financial Service increased 0.79%, Nifty IT surged 1.04% and Nifty PSU Bank soared 1.89% while Nifty Auto fell 0.48%.
NSE Nifty 50 Outlook
Nifty support at 19288-19201
Hanging Man/Doji kind of candle indicating caution. Failure to cross19435 can mean Nifty can see profit booking. First support at 19288 and then 19201 while resistance at 19435 and then 19500, according to Rahul Sharma, JM Financial.
Nifty may consolidate in range of 19500–19300
“Over the next few trading sessions, we expect the Nifty to consolidate in the range of 19500 – 19300 and a dip towards the 19300 should be used as a buying opportunity. Overall, the uptrend is intact, and we expect levels of 19500. In terms of levels, 19300– 19270 shall act as a crucial support zone while 19450 – 19500 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty resistance at 19500–19540
“The support levels to watch are the bullish gap left yesterday around 19200–19250 followed by strong support at the psychological level of 19000. On the upside, the immediate resistance is at 19500–19540 in the uncharted zone. As we anticipate a consolidation phase in the key indices, it would be prudent to shift focus towards thematic approaches and specific stocks that offer better performance opportunities,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Traders may exit long positions if Nifty falls below 19250
“The short-term texture of the market is still on the positive side. For the trend, the following traders now 19300-19250/65200-65000 would act as key support zones while 19450-19500/65700-65900 could be the key resistance areas for the index. On the other side, below 19250/65000 traders may prefer to exit out from the trading long positions,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Bank Nifty Outlook
Bank Nifty support at 45056-44746
Bank Nifty formed a Doji which means indecision. Caution advised on longs until 44500 is not sustained. First support at 45056 and then 44746 while resistance at 45711 and then 46057, according to Rahul Sharma, JM Financial.
Bank Nifty range of consolidation likely to be 45000-45600
“Bank Nifty hourly momentum indicator has a negative crossover and negative divergence which indicates a loss of momentum on the upside. Thus, after a strong up move a consolidation is likely in the short term. Overall, the range of consolidation is likely to be 45000-45600,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty immediate hurdle at 45500
“The immediate hurdle for Bank Nifty is now at 45500, where call writing was observed. If the index manages to sustain above this level, it is likely to witness further upward momentum toward the target of 46000. On the downside, the index finds support at 45000. This level coincides with the highest open interest on the put side, suggesting that it will act as a cushion for the bulls in case of any downward pressure,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.