Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may remain volatile on weekly F&O expiry amid mixed global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 57 points or 0.32% lower at 18,103 in today’s early morning trade. Asian markets were trading in green – Hong Kong’s Hang Seng jumped as much as 1.3% to 19960 points on Thursday morning, shortly after a muted opening. China’s Shanghai Composite was trading up 0.7% to 3345 points, bouncing from the red earlier in the morning. Japan’s Nikkei 225 remained closed on Thursday. The US market ended the overnight session in red after US Fed hiked interest rate by 25 bps– Dow Jones Industrial Average (DJIA) tanked 0.8%, S&P 500 plunged 0.7% and the tech-heavy Nasdaq tumbled 0.46%. On Wednesday, the NSE Nifty 50 fell 57.8 points or 0.32% to 18,089.85 and BSE Sensex plunged 161.41 points or 0.26% to 61,193.3. In sectoral indices, Bank Nifty dipped 39.4 points 0.09% to 43,312.7 and Nifty IT plunged 281.25 points or 1% to 27,743.75.
Nifty outlook
Nifty first support at 18040 and then 17940
Nifty may move in the range of 18000-18200 with no directional cues. Nifty first support at 18040 and then 17940 while resistance at 18130 and 18200, according to Rahul Sharma, JM Financial.
Uptrend may continue if Nifty holds above 18200 on closing basis
“If Nifty holds above the 18200 level on a closing basis, it should continue to trend upwards. The major resistance is at the 18200 level. While on the downside, support is placed at 18,000, followed by 17,860 & 17700,” said Rohan Shah, head technical analyst at Stoxbox.
Nifty major resistance placed at 18175-18250
“Nifty’s immediate support range is 18100 to 18040 and if this breaks down and sustains below this level, the next important support level is 17970. 18175 and 18250 will be major resistance points for buyers and if this level breaks out and the price sustains above this level, our next resistances will be 18320/18415,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
Nifty may likely consolidate
“The hourly Bollinger bands are contracting, and the hourly momentum indicator has a negative crossover which suggests consolidation is likely. Overall, the uptrend is still intact, and this consolidation should be taken as an opportunity to create fresh long positions. On the downside Nifty’s crucial support zone is placed at 18000–17960 while the gap area formed yesterday between 18115–18130 shall act as an immediate hurdle zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty likely to remain in range of 18000-18200
“On the daily chart, a small red-bodied candle has formed. The sentiment remains positive as the Nifty has sustained above 18000. Over the short term, the index is likely to remain in the range of 18000 and 18200. A decisive move above 18200, may take the index towards 18500,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty highest OI remains at 18000 followed by 17900 strike price
“Nifty managed to close above 18080 levels, which can lead the upswing to accelerate, but one shouldn’t be overly hopeful. OI Data indicates, on the call side the highest OI witnessed at 18200 followed by 18300 strike prices while on the put side, the highest OI remains at 18000 followed by 17900 strike price. Nifty Put Call Ratio stands at 1.02,” said Om Mehra, Equity Research Analyst at Choice Broking.
If Nifty breaches 17950 then 17800 will be next support
“Nifty has now offset the bearish implication of Engulfing pattern formed on the weekly chart in the previous week. The support for the Nifty is placed at around 18,000 – 17,950 levels and resistance is capped at 18,250 – 18,300 levels. In case the Nifty breaches below 17,950 levels then 17,800 will be the next support zone,” said Rohan Patil, Technical Analyst, SAMCO Securities.
Bank Nifty outlook
Bank Nifty first support 43167 and then 43026
Bank Nifty first support 43167 and then 43026 and resistance at 43398 and 43488, according to Rahul Sharma, JM Financial.
Bank Nifty expected to remain volatile till it trades in 43000-43300 range
“Important support zones for Bank Nifty are around 43150 and 43000 below which the bears are likely to become active whereas the resistance is placed at 43350 and 43500 above which will start moving towards 44000. Till the time Bank Nifty is in the range of 43300 and 43000 it is expected to remain volatile as options data is indicating a sideways to bearish trend. Support seen at 43150 and 43000 while resistance at 43350 and 43500,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
Bank Nifty resistance at 43610, 43740 and 43800
“Today Bank Nifty will have Major support at the 43080-43000 range. If this supports breakdown next target could be 42840. The major resistance is 43470 and if this level breaks out and sustains above this level we can see the next important resistance at 43610, 43740 and 43800,” said Ashish N. Ambala, Sr. Technical Analyst at Stock Market Today (SMT).
“Bank Nifty has support around the 42800-43000 zone while resistance is placed at 43800,” said Om Mehra, Equity Research Analyst at Choice Broking.
Bank Nifty move above 43500 may induce rally towards 44000
“Bank Nifty’s short-term range remains intact at 43000-43500. A decisive move on either side may induce a directional move in the index. Immediate support is visible at 43150. On the other hand, a move above 43500 may induce a rally towards 44000,” said Rupak De, Senior Technical Analyst at LKP Securities.