Stock Market Today, Nifty, Bank Nifty: Benchmark indices Nifty and Sensex may trade lower on Monday amid negative global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 90 points or 0.5% lower at 17,780 in the early morning trade. Asian markets were trading mixed with Japan’s Nikkei 225 falling 0.09%, South Korea’s KOSPI dropping 0.17%, China’s Shanghai Composite climbing 0.64%, and Hong Kong’s Hang Seng rising 0.06%. The US market ended Friday’s session in red – Dow Jones Industrial Average fell 0.42%, S&P 500 plunged 0.21% and the tech-heavy Nasdaq tumbled 0.35%. On Thursday, NSE Nifty 50 rose 15 points or 0.08% to settle at 17827; BSE Sensex gained 38.23 points or 0.06% to 60,431. In sectoral indices, NSE Nifty Bank surpassed the crucial 42100 level towards the end of the session; it surged 574.60 points or 1.38% to close at 42,132.55. NSE Nifty IT fell over 2%.
Nifty outlook
Nifty first support at 17780 and then 17730
“Weekly breakout confirmed in Nifty along with a fresh long buildup seen after major short covering early on. Golden crossover seen which means we may see more upside although after a small dip. Long above 17850 or short below 17780. Nifty first support at 17780 and then 17730 while resistance at 17850 and 18000,” said Rahul Sharma, JM Financial.
Nifty to face immediate hurdle near 17900-18000
“We expect Nifty to face an immediate hurdle near 17900-18000 which if broken decisively will take such advance further higher towards 18200 and then 18400. Considering the ongoing technical developments, buying on the decline will still remain in favour, and any correctional fall for 17500 will attract fresh buying,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Nifty to target levels of 1800
“Nifty weekly momentum indicator has triggered a fresh positive crossover which is a buy signal. On a higher time, the frame chart structure has turned in favour of bulls. In terms of levels, 17860 – 17900 is the immediate hurdle while 17730 – 17700 shall act as crucial support from a short-term perspective. On the upside we expect the nifty to target levels of 18000,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty trend likely to remain positive as long as it stays above 17,700
“The critical moving averages are sitting comfortably below the current index value. The trend is likely to remain positive as long as the Nifty stays above 17,700. On the higher end, 18000 will likely act as a crucial resistance,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty outlook
Bank Nifty first support at 41775 and then 41353
Bank Nifty on buy on dips around 41800 and stop loss at 41500. Bank Nifty first support at 41775 and then 41353 while resistance at 42425 and 42653, according to Rahul Sharma, JM Financial.
Bank Nifty will likely move towards 42440-42680
“Bank Nifty has continued its strong upward momentum, surpassing the budget day high of 42016 with solid volume in the space. The index remains in buy mode and will likely move towards 42440-42680 levels on the upside. On the lower end, Bank Nifty has support at 41800; as long as this support is not breached, the trend remains positive,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty likely to pave way for 42500
“Bank Nifty is looking relatively more strong than Nifty, and likely to pave the way for 42500. Prices crossed above the descending trend line resistance on the weekly chart accompanied by an adequate surge in volume, which further strengthens the case for the continuation of the ongoing bullish trend. On the downside, 41500-41300 will act as the nearest support,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.