Stock Market Today, Nifty, Bank Nifty: Domestic indices may remain volatile on Monday amid overhang from SVB intervention. Investors are eyeing India CPI inflation data which is scheduled to be published today. The Nifty futures on the Singapore Exchange (SGX) were trading 39.50 or 0.23% lower at 17,398.00 in the early morning trade. Asian markets were trading mixed with China’s Shanghai Composite Index rising 0.25%, Hong Kong’s Hang Seng climbing 0.62% while Japan’s Nikkei 225 falling 1.63% and South Korea’s KOSPI dipping 0.70%. The US market ended Friday’s session in the red territory with Dow Jones Industrial Average falling 1.07%, S&P 500 dipping 1.45% and the tech-heavy Nasdaq dropping 1.46%. On Friday, BSE Sensex tanked 671.15 pts or 1.12% to 59,135.13 and NSE Nifty 50 plunged 176.70 pts or 1% to 17,412.90. Bank Nifty tumbled 771.30 pts or 1.87% to 40,485.45.
Nifty outlook
Nifty support at 17381, then 17313 while resistance at 17504-17558
“Nifty first support at 17381 and then 17313 while resistance at 17504 and 17558,” said Rahul Sharma, JM Financial.
“We will open the week with a high likelihood of seeing 17255 the recent low or 17050 but will be glad to initiate cautious longs if above 17500 or if slippages extend to 16500-200,” said Anand James, Chief Market Strategist at Geojit Financial Services.
Market sentiment remains bearish
“On the lower end, the Nifty may roll down towards the lower band of the falling channel. The sentiment remains bearish, and the market will remain in sell-to-rise mode until Nitfy closes below 17850. On the lower end, supports are placed at 16950 / 16750,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty’s Friday’s low around 17320 immediate support
“Friday’s low around 17320 would be seen as immediate support followed by sacrosanct support at February’s swing low of 17250. On the flip side, the bearish gap left around 17570 – 17600 should be considered an immediate hurdle,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
If Nifty holds above 17255 then bounceback likely
“Nifty has moved below its 200-DMA, although the previous swing low of 17255 continues to be a key support level. If Nifty is able to hold this level, a bounceback is likely, with key resistance levels around 17650 and 17800. While if the Nifty drops below the 17255 mark, we can anticipate more declines till 16800,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty outlook
Bank Nifty support at 40362, then 40119 while resistance at 17504-17558
“Bank Nifty first support at 40362 and then 40119 and resistance at 40950 and 41294.,” said Rahul Sharma, JM Financial.
“Despite the fact that Bank Nifty has moved away from its 50-DMA, support levels of 40400, 40000, and 39500 still exist. A key resistance area on the upswing is between 41500 and 42000,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty may drift down towards 39650-39500
“Bank Nifty slipped lower after a few days of consolidation. On the weekly chart, a dark cloud cover pattern is formed, indicating a bearish reversal in the trend. On the daily chart, the index has fallen below its 14-day moving average, indicating bearishness. On the lower end, the index may drift down towards 39650–39500. On the higher end, 41,000 is likely to remain a resistance,” Rupak De, Senior Technical Analyst at LKP Securities.
If Bank Nifty maintains present levels then bounceback may occur
“Bank Nifty levels between 40000 and 39800 provide solid support. If Bank Nifty is able to maintain its present levels, a bounce up to 41200-41700 may occur,” said Ameya Vikas Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.