Stock Market Today, Nifty, Bank Nifty: The SGX Nifty signaled that domestic benchmark indices NSE Nifty and BSE Sensex might open on a negative note, as Nifty futures traded 67.5 points lower at 18,256.5 on the Singaporean exchange. Nifty and Sensex closed Friday’s session flat. Nifty closed just above the 18,300 mark, up by 0.09% while Sensex reclaimed the 62,000 mark upon close.
The Dow Jones closed flat while Nasdaq Composite and the S&P 500 ended lower on Friday. The Dow Jones Industrial Average closed 0.027% lower on Friday after trimming intraday losses. Nasdaq recouped some losses as well, to close down by 0.35%. The S&P 500 ended down by 0.16%. Asian markets traded mixed as Hong Kong’s Hang Seng gained 0.34% while China’s Shanghai Composite was lower by 0.35% respectively, while Taiwan’s benchmark index was 0.15% lower. Japan’s Nikkei 225 gained 0.41%.
Nifty could target all-time high of 18,888
“Markets are likely to see a gap down opening in Monday trades tracking weakness in other Asian indices as risk aversion is likely to be the preferred theme. Denting sentiments will primarily be reports of ruling party BJP’s setback in Karnataka assembly elections. Also, weak Wall Street cues in the backdrop of a worse-than-expected reading on consumer sentiment could also keep investors cautious. India’s WPI inflation numbers to be announced later this week will also be keenly watched given the uncertainty over the future course of interest rate direction. Expect NSE Nifty 50 to bounce towards its psychological hurdle at 18,500 mark with aggressive targets at its all-time high at 18,888 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Nifty 50 could be range-bound in near term
“Nifty closed almost flat on Friday for the second consecutive session suggesting a tug of war between bulls and bears. On weekly charts, Nifty gained 1.36% after a flat week. India CPI numbers could impact the Indian markets on today minorly. Nifty could remain in the 18,116 – 18,390 band for the near term,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
Bank Nifty outlook
Bank Nifty could touch all-time highs
“Bank Nifty bulls continued to hold their long positions and the intraday dip was utilized to maintain strength. The immediate resistance for the index is at 44,000 and the downside support is at 43,500. Karnataka polls will be crucial for the markets which will decide the direction in the next week. The index surpasses the level of 44,000 and will touch its all-time high level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty key resistance at 43,500
“For NSE Nifty Bank, 43,500 would be the sacrosanct level to watch out, above which it could rally till 44,000-44,300. On the other hand, a quick short term correction is possible if it trades below 43500 and below the same it could slip till 43,000-42,800,” said Amol Athawale, Technical Analyst (DVP), Kotak Securities.