Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade marginally higher on Tuesday amid mixed global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 19 points or 0.11% higher at 17,778.5 in the early morning trade. Asian markets were trading mostly in red with China’s Shanghai Composite Index dipping 0.2%, South Korea’s KOSPI dropping 0.76%, Hong Kong’s Hang Seng tanking 1.36% while Japan’s Nikkei 225 rising 0.56%. The US market ended the overnight session largely in green– Dow Jones Industrial Average (DJIA) rose 0.2%, S&P 500 was up 0.09% while the tech-heavy Nasdaq fell 0.29%. On Monday, the NSE Nifty 50 jumped 119.35 points or 0.68% to 17,743.40 and BSE Sensex surged 401.04 points or 0.67% to 60,056.10. In sectoral indices, Bank Nifty skyrocketed 517.75 points or 1.23% to 42,635.75, Nifty Financial Services soared 239.2 points or 1.28% to 18,992.95 and Nifty PSU Bank zoomed 101.2 points or 2.61% to 3,984.20.
Nifty outlook
Nifty first support at 17677 and then 17586
Nifty first support at 17677 and then 17586 while resistance at 17814 and 17862, according to Rahul Sharma, JM Financial.
Nifty daunting to surpass 17800–17900
“Nifty would be daunting to surpass the sturdy wall of 17800 – 17900; but if banking and other heavyweights manage to keep up the same momentum, the breakout is imminent. On the flip side, 17600 followed by 17550 should now be seen as a sheet anchor for the bulls. Traders are advised to use intraday declines to add fresh bullish bets and should continue focusing on thematic movers,” said Sameet Chavan, Head Research – Technical and Derivatives, Angel One Ltd.
Nifty looks positive for 17800-17850
“Nifty took support at 17,613 yesterday, reversed from the day low, and closed at the day high which is strongly positive for today as per the current closing index looks positive for 17,800/17,850 levels, and downside support stands at 17,680-17,620,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Nifty to target levels of 18100
“In terms of the Elliott Wave Principle, we believe that the Nifty started wave five after consolidation in wave four. The daily momentum indicator has a negative crossover and since prices have resumed their up move, it is likely that the momentum indicator shall provide a positive crossover over the next few trading sessions. Considering the above parameters, we change the short-term outlook to positive and expect the Nifty to target levels of 18100. In terms of levels, 17620 – 17600 shall act as a crucial support zone while 17860 – 17900 is the immediate hurdle zone for the Nifty,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty rally expected towards 18100–18200
“Nifty witnessed a breakout of the bullish flag formation, where 17800–17860 is an immediate resistance zone for the Nifty; above this, we can expect a rally towards the 18100–18200 zone. On the downside, the 200-DMA around 17600 will act as a strong support level,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty outlook
Bank Nifty first support at 42393 and then 42120
Bank Nifty first support at 42393 and then 42120 while resistance at 42826 and 42985, according to Rahul Sharma, JM Financial.
Bank Nifty rally expected towards 43500-44000
“Bank Nifty is near the critical supply zone of 42700–43000; above this, we can expect a rally towards 43500 and 44000 levels. On the downside, 42000 has become a near-term floor,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty resistance at 43100-43300
“Bank Nifty has support at 42300-42100 while resistance is placed at 43100-43300 range,” said Deven Mehata, Equity Research Analyst at Choice Broking.
Bank Nifty remains in strong buy mode
“Bank Nifty witnessed a strong breakout on the daily chart with a sharp surge in volumes. The index remains in a strong buy mode and any dip should be an ideal opportunity to add on the log positions. The lower-end support is visible at 42,300 which will act as a cushion for the bulls and the potential upside targets are 43,000/43,300,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
High possibility of Bank Nifty hitting new highs
“Weekly support for Bank Nifty is near 42000 and resistance at 42820. And close below support it can test 41570 and weekly close above resistance, there are high possibilities of new highs in the market. Bank Nifty’s all-time high is at the 44151.80 mark. Bank Nifty’s 200-DMA is placed at the 40357 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.