Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain on monthly F&O expiry. The Nifty futures on Singapore Exchanges (SGX) were trading 60 points or 0.32% higher at 18,871.5 in the early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng fell 0.35%, China’s Shanghai Composite Index tumbled 0.34%, South Korea’s KOSPI dipped 0.41% while Asia Dow rose 0.48% and Japan’s Nikkei 225 gained 0.58%. The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.63%, S&P 500 surged 1.15% and the tech-heavy Nasdaq soared 1.65%. On Tuesday, the Nifty 50 surged 126.20 points or 0.68% to 18,817.40 and the BSE Sensex skyrocketed 446.03 points 0.71% to 63,416.03. In sectoral indices, Bank Nifty surged 480.45 points or 1.10% to 44,121.50, Nifty Financial Services soared 1.37%, Nifty IT gained 0.73%, Nifty PSU Bank jumped 1.02%, Nifty Private Bank advanced 1.11% and Nifty Realty rose 1.24%.
NSE Nifty 50 Outlook
Nifty support at 18700-18645
Nifty has formed a big bullish candle with a close above 18800. Long for new ATH. 19000/19200 expected shortly. First support at 18700 and then 18645 while resistance at 18900 and 19000, according to Rahul Sharma, JM Financial.
Nifty resistance at 18880–18900
“We believe that Nifty 50 has resumed its next leg of up move and hence we shall assign more weightage to the price action and expect the momentum indicator to align with a lag. Overall, the Bulls have managed to defend the average support which is a sign of strength. In terms of levels, 18650–18600 shall act as a crucial support zone while 18880–18900 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty OI data
“On the derivatives front, the highest call OI is at 19000 strike price followed by 18900 strike prices while on the put side, the highest OI remains at 18700 followed by a 18600 strike price,” said Om Mehra, Equity Research Analyst at Choice Broking.
Nifty may rally towards 19000
“Nifty moved up smartly following a doji formation on the daily chart. Additionally, the index found support at the 21EMA before moving higher. The RSI, on the lower timeframe, is in a bullish crossover. The short-term trend looks green from here, on the upside, the index might witness a rally towards 19000. On the lower end, support is placed at 18700,” said Rupak De, Senior Technical analyst at LKP Securities.
Nifty could retest 18700-18675 if it falls below 18750
“Nifty cleared the 18750 resistance zone and post-breakout it intensified the positive momentum. On daily charts, the index has formed a bullish candle, which supports a further uptrend from the current levels. For the bulls, 18880-18925 would be the immediate resistance zone, whereas below 18750 the market could retest 18700-18675,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Bank Nifty Outlook
Bank Nifty support at 43830-43538
Bank Nifty witnessed a breakout from the falling channel that had formed over the last 25-30 days. Expect more upside above 44215 – but keep booking profits intraday as PCR is overheated. First support at 43830 and then 43538 while resistance at 44284 and then 44446, according to Rahul Sharma, JM Financial.
Bank Nifty resistance at all-time high of 44500
“Bank Nifty immediate support is expected at around 44000, followed by 43800. On the other hand, the resistance levels for the monthly expiry session are at an all-time high at 44500, followed by 44700,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
“Bank Nifty has support at 43800 levels while resistance is placed around the 44500-44600 zone. The market breadth was skewed in the favour of the buyers,” said Om Mehra, Equity Research Analyst at Choice Broking.
Bank Niftyexpected to target levels of 44500
“Bank Nifty has decisively closed above the 20-day moving average (43909) which is a bullish sign. The daily momentum indicator has triggered a fresh positive crossover which is a buy signal. Thus, both price and momentum indicators is suggesting a further upside in the Bank Nifty. On the upside we expect it to target levels of 44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty may rise to 44500 if it sustains above 44000
“Bank Nifty witnessed a strong bullish move as the bulls took control and surpassed the hurdle of 44000. This breakout occurred following the announcement of the merger date of HDFC twins. The surge in buying pressure forced the writers of 44000 call options to cover their positions. If the index manages to sustain above the 44000 level, it is likely to continue its upward momentum towards the 44500 level,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.