Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain under pressure today amid mostly negative global cues. The GIFT Nifty futures traded 20 points or 0.10% lower at 19,705.5 in early morning trade. Asian markets were trading in red – China’s Shanghai Composite Index fell 0.17%, South Korea’s KOSPI tumbled 0.74%, Hong Kong’s Hang Seng sank 0.27%, Asia Dow plunged 0.32% and Japan’s Nikkei 225 dipped 0.08%. The US indices ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.08%, S&P 500 gained 0.28% and the tech-heavy Nasdaq jumped 0.61%. On Tuesday, the Nifty 50 rose marginally by 0.04% or 8.25 points to close at 19,680.60 while the Sensex dipped 29.07 points or 0.04% to settle at 66,355.71. In sectoral indices, Nifty Bank fell 0.17%, Nifty FMCG slipped 0.86%, Nifty IT fell 0.28%, and Nifty PSU Bank slipped 1.46% while Nifty Auto gained 0.95%, Nifty Pharma rose 0.36%, Nifty Media jumped 1.51% Nifty Metal soared 2.94%.
NSE Nifty 50 Outlook
Nifty may fall to 19300 if it breaches 19550
“Throughout the day, Nifty traded within a narrow range. However, the daily chart indicates a downward consolidation, with the price falling below the rising trend line. The RSI shows a bearish crossover. Notably, the support level at 19550 is crucial, and if breached, the index could further decline towards 19300. Conversely, resistance is positioned at 19800 on the higher side,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty could slip till 19570-19550
“On daily charts, the Nifty has formed a small bearish candle and on intraday charts it is witnessing selling pressure at higher levels. For day traders, 19620 would be the key support level, and if the index trades above the same, we could expect a quick pullback rally till 19720-19750. On the flip side, dismissal of 19620 could accelerate selling pressure and below the same, the index could slip till 19570-19550,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Bank Nifty Outlook
Bank Nifty support level positioned at 45500
“Bank Nifty faced selling pressure as it slipped below 46000. Profit booking has been evident for the past two days. The Relative Strength Index (RSI) indicates a bearish crossover. The support level is positioned at 45500, and the resistance is at 46000. Traders should closely monitor these levels as they may influence the index’s future direction,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Bank Nifty resistance at 46100-46200
“Bank Nifty is seen to be making a bearish candlestick after opening with a gap up on the daily timeframe and closing flat, just below yesterday’s closing amidst decreased volatility and a rangebound market. The trend can be considered sideways to bearish till the time 46100 is crossed and sustained on the daily timeframe. The resistance is at around 46100, 46200 and the support is at around 45800-45700. Technical indicator RSI is at around 65 whereas the 200 EMA is at 42151,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio.