Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade higher today amid positive global cues. The GIFT Nifty futures were trading 31 points or 0.16% higher at 19,488. Asian markets were trading in green – China’s Shanghai Composite Index rose 0.17%, South Korea’s KOSPI jumped 1%, Hong Kong’s Hang Seng gained 0.79%, Japan’s Nikkei 225 advanced 0.31%, and Asia Dow was up 0.69%. The US market ended the overnight session in positive territory – Dow Jones Industrial Average (DJIA) rose 0.62%, S&P 500 gained 0.24% and the tech-heavy Nasdaq increased 0.18%. On Monday, the NSE Nifty 50 advanced 24.10 points or 0.12% to 19,355.90 and BSE Sensex rose 63.72 points or 0.10% to 65,344.17. In sectoral indices, Bank Nifty fell 64.15 points or 0.14% to 44,860.85, Nifty Auto tumbled 0.62%, Nifty IT plunged 1.24%, Nifty PSU Bank decreased 0.57% while Nifty Metal jumped 1.69% and Nifty Oil & Gas rose 0.59%.
NSE Nifty 50 Outlook
Nifty resistance at 19450-19500
“Nifty experienced a range-bound trading pattern. Despite this, the bulls managed to defend the support level of 19300, preventing a significant decline. However, the hourly RSI indicated a bearish crossover. This suggests a potential shift towards a downward trend. If the support level of 19300 is breached, a correction in the market may be expected. On the upside, resistance levels are anticipated around 19450-19500,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty support at 19200-19235
“Nifty bullish gap of 19200-19235 is likely to act as a strong support zone, and till the index sustains above the same, one needs to utilize the dip. On the higher front, a sustainable breakthrough beyond the immediate resistance of 19500-19525 could only bring the cheer back to the trader’s fraternity,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.
Nifty support at 19200–19180; resistance at 19520–19550
“Nifty faced resistance in the zone 19430–19450 where the 20-hour moving average is placed. On the daily charts, we can observe that the Nifty is in the process of retracing the rise it has witnessed in the previous couple of weeks. The crucial Fibonacci retracement level and gap area coincide around 19200–19180 which could act as a support zone from a short-term perspective and on the upside 19520–19550 shall act as an immediate hurdle zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty Outlook
Bank Nifty multiple support between 44840–44587
“Bank Nifty continued to trade with a negative bias. It witnessed follow-through selling pressure and filled the gap area between 44800–44900 created on 3 July 2023. The Bank Nifty is in the process of retracing the rise it witnessed in the last couple of weeks and there are multiple supports in the form of Fibonacci retracement levels around 44840–44587 which could arrest the downside. The correction is providing an opportunity for an entry and this is a dip that should be bought into,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty may slip till 44500-44400 if 44800 level is breached
“The dominance of bears indicates a cautious market environment. The immediate resistance for the Bank Nifty is placed at 45200. If the index manages to break above this level, it could potentially shift the control back to the bulls. On the other hand, the index finds immediate support at 44800. If this support level is breached, it may lead to further downside movement towards the 44500-44400 zone,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Bank Nifty resistance at 45420-45655
“Bank Nifty after forming a high wave candle followed by a Doji candle has closed below the candle’s low forming a bearish formation. Bank Nifty closing below 44750 levels will fill the gap and can be said an exhaustion gap. The exhaustion gap is a short-term trend reversal signal. The crucial support for the index is placed at 44750 followed by 44458 on the higher side resistance is placed at 45420 followed by 45655,” said Mitesh Karwa Research Analyst at Bonanza Portfolio Ltd.