Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain under pressure today amid negative global cues. The GIFT Nifty futures traded 48 points or 0.24% higher at 19,753.50 in early morning trade. Asian markets were trading in red – China’s Shanghai Composite Index fell 0.38%, South Korea’s KOSPI tumbled 1.05%, Hong Kong’s Hang Seng plunged 0.91%, Japan’s Nikkei 225 tanked 1.75%, and Asia Dow sank 1.02%. The US market ended the overnight session mixed – Dow Jones Industrial Average (DJIA) rose 0.20%, S&P 500 fell 0.27% and the tech-heavy Nasdaq tumbled 0.43%. On Tuesday, the Nifty 50 dipped 20.25 points or 0.10% to 19,733.55 and BSE Sensex fell 68.36 points or 0.10% to 66,459.31. In sectoral indices, Bank Nifty tumbled 58.60 points or 0.13% to 45,592.50, Nifty Auto dipped 0.12%, Nifty PSU Bank sank 0.52% and Nifty Realty tanked 1.77% while Nifty IT jumped 1.2%.
NSE Nifty 50 Outlook
Nifty’s move above 19800 could drive the index towards 20000
“Nifty traded in a narrow range of 19700-19800, maintaining its overall bullish sentiment. It stayed above the critical near-term moving average (21EMA), reinforcing the positive outlook. A hidden positive divergence on the daily chart indicates a potential bullish reversal in price momentum. Short-term prospects suggest a sideways to positive trend if the index stays above 18550. A decisive move above 19800 could drive the index towards the 20000 mark,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty likely to remain range bound between 19500-20000
“A study of the hourly Bollinger bands suggests contraction of range and further points towards range-bound price action. The daily and hourly momentum indicators provide divergent signals which also suggest the absence of trending moves. Considering all the above parameters, we shall continue to maintain that Nifty is likely to remain range bound between 19500 – 20000. Crucial support levels to keep handy are 19630 – 19600 and on the upside, 19800 – 19860 is the immediate hurdle zone,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty expected to consolidate between 46500-45000
“Bank Nifty managed to hold on to the 20-day moving average (45392) and witnessed a bounce from that support. The Bollinger bands are contracting which indicates contraction of range and also range-bound price action over the next few trading sessions. Divergent signals from the daily and hourly momentum indicators further support our sideways outlook for Bank Nifty. Overall, we expect the bank Nifty to consolidate between 46500-45000,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty significant support at 45300
“Bank Nifty is currently engaged in a persistent battle between the bulls and bears, resulting in a consolidation phase. A notable resistance level can be observed at 45800, and a decisive break above this resistance would potentially pave the way for further upside movements in the index. Conversely, a significant support level is visible at 45300. If the index breaks below this support level, it could signify the bears gaining full control, leading to potential downside movements towards 45000-44700 levels,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.