Stock Market Today, Nifty, Bank Nifty: Domestic share market indices will likely trade higher on the last trading session of this week, global market trends suggest. The Nifty futures on Singapore Exchange (SGX) were trading 53.50 pts or 0.30% higher at 17,644.50 in the early morning trades. Asian markets were trading mixed with China’s Shanghai Composite index falling 0.15%, Hong Kong’s Hang Seng slipping 0.73%, Japan’s Nikkei 225 rising 1.15%, and South Korea’s KOSPI climbing 0.19%. The US markets ended the overnight session broadly higher with Dow Jones Industrial Average rising 108.82 pts or 0.33% to 33,153.91, S&P 500 climbing 21.27 pts or 0.53% to 4,012.32 and tech-heavy Nasdaq surging 83.33 pts or 0.72%. On Thursday, the NSE Nifty 50 fell 43.05 pts or 0.25% to 17,511.25 and BSE Sensex plunged 139.18 pts or 0.23% to 59,605.80. Sectoral indices ended mixed with Bank Nifty rising 5.65 pts or 0.01% to close at 40,001.55. Nifty Auto dipped 0.06%, Nifty IT dropped 0.03%, Nifty PSU Bank gained 0.53% and Nifty Metal climbed 0.35%.
Nifty Outlook:
Nifty Bullish until 17,350 (absolute) is not broken; Bearish only if it breaks 17,500 on closing basis
“Post the Ukraina-Russia crisis, markets are getting into a 200 DEMA stress test for the third time now. Earlier lows were 16,747 in September 22, 17,353 in early Feb & today’s low of 17,455. 17,500-17,450 is a crucial demand area from where one can expect a possible reversal on the charts. Bullish until 17,350 (absolute) or 17,500 (closing basis) is not broken. Bearish only if we break 17,350 (absolute) or 17,500 (closing basis),” said Rahul Sharma, JM Financial Services Ltd.
If Nifty drifts below 17300–17200 levels then 17000–16800 will be on cards
“Nifty on the weekly chart has formed a tall red candle that has engulfed its previous two weeks’ candles, which indicates presently bears are having an upper in the market. Technically, the structure is shifting its momentum towards the bears, and the immediate support for the Nifty is placed at around 17300–17200 levels. If prices drift below these levels, then 17000–16800 will be on the cards. Only a sustained close above the 17800- 17850 zone is likely to trigger bullish momentum toward the 18150–18200 levels,” said Rohan Patil, Technical Analyst, SAMCO Securities.
Nifty’s low of 17455 likely to act as immediate support
“Nifty’s low of 17455 is likely to act as immediate support. A decisive fall below 17450 may trigger the resumption of the fall. In that case, it may fall down towards 17200–17150. However, failure to break down may induce a recovery towards 17750–17850, where the upper band of the falling channel lies,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty Outlook:
Bank Nifty support at 39400 level while resistance placed at 40800
“Bank nifty has support at 39400 level while resistance is placed at 40800. Short-term investors may opt for stock-specific action. In the longer time frame, Index is still trading with lower high and lower lows patterns. Traders may expect range bound movement until 17350-17800 are taken out,” said Om Mehra, Equity Research Analyst at Choice Broking.
Bank Nifty immediate hurdle at 40,200, downside support stands at 39500
“Bank Nifty index after 5 days of brutal selling witnessed some buying from the lower level and formed a long-legged doji candle. The index if it manages to hold yesterday’s low can witness a recovery towards 40500 levels. The index’s immediate hurdle is at 40,200 above which can witness a short covering move. The index downside support stands at 39500 and if breached will aggravate the selling pressure,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
Bank Nifty may fall below 39600, with targets of 39400 and 39200
“The Bank Nifty structure is very weak, but 39600 is immediate support. We can expect further weakness below 39600, with targets of 39400 and 39200. On the upside, 40250/40500 is a critical hurdle,” said Pravesh Gour, Sr. research analyst, Swastika Investmart.