Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade higher today amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) traded 44 points or 0.24% higher at 18,829.5 in today’s early morning trade. Asian markets were trading in green – Hong Kong’s Hang Seng rose 0.44%, China’s Shanghai Composite index gained 0.38%, Asia Dow jumped 0.68% and Japan’s Nikkei 225 surged 1%. The US market ended the overnight session in green after the CPI inflation eased to 4% in May from 4.9% in April – Dow Jones Industrial Average (DJIA) rose 0.43%, S&P 500 gained 0.69% and the tech-heavy Nasdaq climbed 0.83%. On Tuesday, Nifty 50 surged by 118 points, closing at 18,716, while Sensex experienced a 0.67% increase, settling at 63,143. Nifty Realty shined in trade, recording gains of 3.06%, with Nifty Media rising 1.7%, Nifty Pharma adding 1.12% and Nifty FMCG adding 1.36%. In the broader markets, Nifty Midcap 100 jumped 1.22% while Nifty Smallcap surged 0.7%.
NSE Nifty 50 Outlook
Nifty faces major hurdles at its all-time-high at 18888 mark
“Nifty’s biggest support to watch for today’s session is placed at the 18557 mark. On the upside, the index faces major hurdles at its all-time-high at the 18888 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Nifty current up move can extend till 18800/18889
“Nifty has resumed its up move and successfully defended the crucial support zone of 18530–18500. On the upside, the current up move can extend till 18800 and beyond that 18889. The momentum indicator on the daily and hourly time frame is providing divergent signals however price action is suggesting strength. In terms of levels, today’s gap area formed in the range 18630–186200 shall act as a crucial support zone while 18778–18800 shall act as an immediate hurdle zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty 18600 may cushion any blip in coming period
“The 18600 zone for Nifty is likely to cushion any blip in the coming period, while the sacrosanct support lies around the 18500 mark. Meanwhile, the global markets should be watched closely as any further relief could act as a catalyst to open up the next leg of the rally towards the lifetime high zone of 18888,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.
Above 18600, Nifty may rise to 18800-18850
“Nifty has formed a bullish candle on daily charts, which is largely positive. For bulls, 18600 would act as a sacrosanct support zone. As long as the index is trading above the same, the positive sentiment is likely to continue till 18800-18850. However, below 18600, the uptrend would be vulnerable and below the same, traders may prefer to exit from the long positions,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
Nifty immediate hurdle at 18770 which once sustained can push it towards 19000
“Nifty immediate hurdle is seen at 18770 levels which once sustained can push the index towards 19000 levels. Comfortable writing was seen in 18700 and 18600 strike put options suggesting the dips are unlikely to be steep and any fall towards 18600 can see fresh buying in the Nifty index,” said Gaurav Bissa, VP – InCred Equities.
Bank Nifty Outlook
Bank Nifty close above 44300 can push it towards 45000
“Bank Nifty continued its struggle around 44150 levels. The index was trading in a range throughout the trading session with some traction seen towards the end of the day. The index has managed to sustain above its 21 EMA on daily charts which are expected to continue lending support and a close above 44300 can push it towards 45000 levels,” said Gaurav Bissa, VP – InCred Equities.
Bank Nifty short-term target placed at 44500
“Bank Nifty has witnessed buying interest from the support cluster of 44000 which coincided with the lower end of the rising channel and also the 20-day moving average (43980). We expect Bank Nifty to continue with the positive price action for the next few trading sessions. Short term target is placed at 44500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty breakout above 44200 could potentially trigger trending moves
“Bank Nifty has been trading in a sideways consolidation phase, indicating a lack of clear directional bias. The immediate resistance level for the index is at 44200, which has been acting as a hurdle for further upward movement. A successful breakout above this resistance level could potentially trigger trending moves in the index, suggesting a bullish sentiment. On the downside, the index has support at 43700, which has held the market from significant declines. If the support at 43700 remains intact, it could provide a buying opportunity for market participants,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.