Stock Market Today, Nifty, Bank Nifty: Benchmark NSE Nifty 50 and BSE Sensex may remain volatile on F&O expiry amid mixed global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 57.5 points or 0.31% lower at 18,606.5 in today’s early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng rose 0.5%, Asia Dow jumped 1.12%, Japan’s Nikkei 225 advanced 0.22%, China’s Shanghai Composite index fell 0.17% and South Korea’s KOSPI fell 0.3%. The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) fell 0.41%, S&P 500 tumbled 0.61% and the tech-heavy Nasdaq plunged 0.63%. On Wednesday, the NSE Nifty 50 fell 99.45 points or 0.53% to 18,534.40 and BSE Sensex plunged 346.89 points or 0.55% to 62,622.24. In sectoral indices, Bank Nifty tanked 308.20 points or 0.69% to 44,128.15, Nifty Metal plunged 46.50 points or 0.78% to 5,890.05 and Nifty Oil & Gas tumbled 94.75 points or 1.26% to 7,432.15 while Nifty Pharma rose 73.70 points or 0.58% to 12,678.40 and Nifty Realty jumped 3.60 points or 0.76% to 478.80.
NSE Nifty 50 Outlook
Nifty first support at 18564 and then 18508
Nifty first support at 18564 and then 18508 while resistance at 18679 and then 19737, according to Rahul Sharma, JM Financial.
Nifty resistance at 18650–18730
“The zone of 18450–18400 is a strong support area for Nifty 50, while the immediate resistance is expected in the range of 18650–18730 levels. Traders should keep an eye on these levels and trade accordingly for the weekly expiry session,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
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Nifty could move up till 18600-18650
“As long as the Nifty holds 18480, the positive sentiment is likely to continue and above the same, the market could move up till 18600-18650. On the flip side, a fresh sell-off is likely only after the dismissal of 18480. Below which, the index could slip till 18400-18375,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty short-term target at 18800
“The hourly momentum indicator has reached the equilibrium line indicating that the consolidation may have matured, and Nifty can start a new cycle on the upside. We maintain a positive outlook on the index for a target of 18800 from a short-term perspective. 18460–18400 shall act as the crucial support zone while the hurdle zone is placed at 18660–18700,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty can resume its uptrend towards 18700
“Nifty attempted a retest of the previous swing break area of 18460 and witnessed a smart bounce above 18500 implying it can resume its uptrend towards 18700 levels till it doesn’t close below 18450,” said Gaurav Bissa, VP – InCred Equities
Nifty can rally till 18800-18880 if it sustains above 18650
“Nifty is witnessing selling pressure from higher levels. Once it sustained 18650 levels we can expect a rally till 18800-18880 levels. Coming to the OI Data, on the call side, the highest OI was observed at the 18700 strike price while on the put side, the highest OI was at 18300 followed by the 18200 strike price,” said Om Mehra, Equity research analyst at Choice Broking.
Nifty fall below 18500 may trigger selling pressure
“Nifty current trend is expected to remain sideways to positive unless the index falls below the 18500 level. On the higher end, there is resistance at 18650. However, if the index decisively falls below 18500, it may trigger additional selling pressure,” said Rupak De, Senior Technical at LKP Securities.
Look for long opportunities above 18600
“Until Nifty holds the 18,500 level on a closing basis it’s looking bullish. Intraday traders can look for long opportunities above 18,600 if the closing comes above 18,600 in 15 min chart. Traders can look for fresh shorts only if nifty breaks the 18,500 level & remains below for 15 min to ensure short,” said Rohan Shah, head technical analyst at Stoxbox.
Bank Nifty Outlook
Bank Nifty first support at 44005 and then 43776
Bank Nifty first support at 44005 and then 43776 while resistance at 44443 and then 44654, according to Rahul Sharma, JM Financial.
Bank Nifty resistance placed at 44500
“In the short term, markets can remain volatile following global macroeconomic uncertainty. Bank Nifty has support at the 43500-43600 zone while resistance is placed at 44500,” said Om Mehra, Equity research analyst at Choice Broking.
Look for long opportunities only if Bank Nifty moves above 44500
“Today, intraday traders can look for long opportunities only if Bank Nifty moves above 44,500, and the price should remain above 44,500 for 15 minutes to confirm a long position. To confirm a short, the Bank Nifty needs to break a low of 44,000 & sustain it for 15 minutes,” said analysts at Stoxbox.
Bank Nifty may move towards 45000
“Bank Nifty’s move is important because it has bounced strongly from an important Ichimoku support area of 43700-43800 which if sustained can result in a move towards 45000,” said Gaurav Bissa, VP – InCred Equities.
“Bank Nifty has support at 43500, indicating a level where buyers have shown interest and the potential for a bounce-back. On the other hand, resistance is seen at 44500, which is a significant level where both put and call writing is visible,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
