Benchmark indices NSE Nifty 50 and BSE Sensex may trade flat amid mixed global cues. The GIFT Nifty futures were trading 10.50 points or 0.05 higher at 19,449.50. Asian markets were trading mostly in red – China’s Shanghai Composite Index dipped 0.08%, South Korea’s KOSPI fell 0.26%, Japan’s Nikkei 225 tanked 1.13%, Asia Dow tumbled 0.86% while Hong Kong’s Hang Seng rose 0.3%. The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.03%, S&P 500 gained 0.12% and the tech-heavy Nasdaq advanced 0.21%. BSE Sensex and NSE Nifty 50 settled at record closing highs on Monday. The broader Nifty 50 ended at 19,322.55, up by 0.7%, while the 30-share Sensex gained 485 points to 65,205, after hitting a new all-time high of 65,300.35 intraday. Bank Nifty settled above 45,150.
NSE Nifty 50 Outlook
Nifty support at 19288-19201
Once we cross 19350, next resistance is placed at 19500. First support at 19288 and then 19201 while resistance at 19350 and then 19500, according to Rahul Sharma, JM Financial.
Nifty resistance visible at 19450-19500
“Nifty continues its upward movement with bulls at the helm despite selling pressure at higher levels. The trend remains bullish as the index sustained above the critical moving average. The current bullish trend is supported by a bullish crossover in the RSI momentum indicator. The support on the lower end is placed at 19200; while resistance is visible at the 19450-19500 zone,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty expected to target 19500
“Nifty break of Monday’s low (19234) shall be the first signs to look for a consolidation to set in and until then the strategy to trade would be hold on to the long positions with a trailing stoploss mechanism. Overall, the uptrend is intact, and we expect levels of 19500. In terms of levels, 19230–19200 shall act as a crucial support zone while 19380–19400 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty 19250-19180 would be key levels to watch out
“Nifty hovered between 19250 to 19335 price range, with the short term technical set up still in to the positive side. However, due to temporary overbought conditions we could see some profit booking at higher levels. For traders, 19250-19180 would be the key levels to watch out while 19400-19435 could act as a crucial resistance zone,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Bank Nifty Outlook
Bank Nifty resistance at 45500
“Bank Nifty has witnessed a strong bullish trend with the bulls dominating the market. It successfully surpassed the hurdle of 45,000, indicating the strength of the upward momentum. Bank Nifty next resistance level is at 45,500, where fresh call writing has been observed. This indicates a potential hurdle that may slow down the upward movement of the index,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.
Bank Nifty to target levels of 45500
“Bank Nifty has witnessed follow through buying interest and is hitting New all-time highs along with the Nifty which is a bullish sign. Both price and momentum indicators are suggesting a further upside in the Bank Nifty. On the upside we expect it to target levels of 45500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty support at 45000-45100
“Bank Nifty trend for the coming week can be considered as sideways to bullish where dips can be used as a buying opportunity. The resistance is at around 45300, 45500 and the support is at around 45000, 45100 and till the time banknifty breaks this range it is expected to remain sideways. Technical indicator RSI is at around 69 whereas the 200 EMA is at 41600,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.