Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may trade marginally higher today amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 33.5 points or 0.18% higher at 18,157.5 in today’s early morning trade. Asian markets were trading mostly in green – Hong Kong’s Hang Seng rose 0.73%, China’s Shanghai Composite jumped 1.36%, South Korea’s KOSPI climbed 0.87% while Japan’s Nikkei 225 fell 0.66% on Monday. The US market ended Friday’s session broadly in green – Dow Jones Industrial Average (DJIA) surged 1.65%, S&P 500 soared 1.85% and the tech-heavy Nasdaq skyrocketed 2.25%. On Friday, the NSE Nifty 50 crashed 186.8 points or 1.02% to 18,069.00 and BSE Sensex tanked 694.96 or 1.13% to 61,054.29. In sectoral indices, Bank Nifty plunged 1,024.25 points or 2.34% to 42,661.2 and Nifty Financial Services tumbled 455.5 points or 2.34% to 19,023.85.
Nifty outlook
Nifty first support at 18074 and then 18018
Nifty first support at 18074 and then 18018 while resistance at 18227 and 18324,according to Rahul Sharma, JM Financial.
Till Nifty holds above 18300, it is expected to scale higher
“Till the Nifty trades above 18300, the index is expected to scale higher. While on the downside, support is placed at 18000, followed by 17860 & 17700,” said Rohan Shah, head technical analyst at Stoxbox.
Focus on stock selection until Nifty resumes trend
“On the index front, 17,850 will continue to act as crucial support while the upside seems capped at 18,350 levels. We thus recommend focusing on stock selection and overnight risk management until Nifty resumes the trend,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.
Nifty sturdy wall stands at 18150–18250
“As far as levels are concerned, 18000 followed by 17900 are to be seen as key supports for the Nifty, whereas on the flip side, the sturdy wall once again stands at 18150 – 18250. Meanwhile, traders should continue with a stock-centric approach and should use declines to add longs with a near-term perspective,” said Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd.
Nifty decisive move above 18200 may take it towards 18500–19000
“Nifty short-term trend remains positive as long as the index holds above 18000. A fall below 18000 may take the Nifty into the consolidation zone of 17500–18000. On the other hand, a rejection from the 18000 level may reintroduce a buying spree, which may take the Nifty back to above 18200; again, a decisive move above 18200 may take it towards 18500–19000,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty short-term outlook changed to negative for target of 17800
“We change our short-term outlook on the Nifty to negative for a target of 17800 which coincides with the 20-day moving average. On the weekly time frame, the Nifty has formed a Shooting Star candle stick pattern which has bearish implications. In terms of levels, 18220 – 18250 is the immediate hurdle zone while 17885 – 17850 can act as a support zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty could fall another 1%-1.25%
“Nifty has immediate support at 18030 to 17990, if this support range gets a breakdown, Nifty will face more sell-off as per important support levels. It could fall another 1% to 1.25%. So our next possible support levels are 17940, 17880 and 17800. Nifty major resistances range is 18110 to 18145 and 18210 to 18240,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
Bank Nifty outlook
Bank Nifty first support at 42372 and then 42024
Bank Nifty first support at 42372 and then 42024 while resistance at 43326 and 43932, according to Rahul Sharma, JM Financial.
Bank Nifty may extend its ongoing southward journey for 41800-41500
“Bank Nifty is looking to extend its ongoing southward journey for 41800-41500, which had acted as stiff resistance in the previous rally. A sustainable fall below 41500 will further deepen such recession towards 40500 – the 61.8% Fibonacci retracement of the previous major up leg,” said Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd.
Bank Nifty resistance placed at 42850, 43000 and 43200
“Support for Bank Nifty is around 42500, 42350 and 42200 which are expected to be held, whereas the resistance is placed at 42850, 43000 and 43200 above which Bank Nifty will start to regain its bullish momentum. As per Oi data, the short buildup is seen in the money calls and long unwinding is seen in out-of-the-money puts which indicates bearishness,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
Bank Nifty may witness correction towards 42500-42300
“Bank Nifty if sustained below 43000 will witness further correction towards the 42500-42300 zone where the next demand area is visible. The upside resistance of 43000, if taken out decisively, will lead to further short covering toward 43,300 levels,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Bank Nifty major resistance at 42920–43100
“Nifty Bank will have major resistance at 42920, and 43100 and if the price sustains above its next important resistances will be at 43200 and 43370. Nifty Bank’s nearest support is 42470, Buyer will try to defend this level but if they fail, the next support is 42260 and 42000,” said Ashish N. Ambala (Sr. Technical Analyst), Stock Market Today (SMT).