Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may trade higher amid mixed global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 35 points or 0.19% lower at 18,237 in today’s early morning trade. Asian markets were trading mostly in green, with South Korea’s KOSPI rising 0.54%, Hong Kong’s Hang Seng jumping 0.14%, and Japan’s Nikkei 225 falling 0.19%. China’s Shanghai Composite Index remained closed on Tuesday. The US market ended the overnight session in red– Dow Jones Industrial Average (DJIA) fell 0.14%, S&P 500 dipped 0.04% and the tech-heavy Nasdaq tumbled 0.11%. On Friday, the NSE Nifty 50 surged 149.95 points or 0.84% to 18,065 and BSE Sensex skyrocketed 463.06 points or 0.76% to 61,112.44. In sectoral indices, Bank Nifty jumped 233.05 points or 0.54% to 43,233.9 and Nifty IT advanced 352.95 points or 1.29% to 27,708.2.
Nifty outlook
Nifty first support at 18000 and then 17885
Avoid chasing gap-up & look to buy on intraday dips. Multiple resistance zone at 18200-18265. Nifty first support at 18000 and then 17885 while resistance at 18135 and 18200, according to Rahul Sharma, JM Financial.
Nifty next possible targets: 18125, 18170 and 18200
“Avoid Short Position until Nifty is trading above 17820, this a strong support for this bullish movement. Buying on dips will work. Nifty support range is 17950, 17885 to 17820 (Strong Support). Nifty next possible targets are 18125, 18170 and 18200 which will act as resistance too,” said Ashish N. Ambala, Sr. Technical Analyst, Stock Market Today (SMT).
Nifty fall below 17880 will extend recession for 17770-17650
“Nifty is looking to pave the way for 18200-18260 following the neckline breakout of an inverse head and shoulder pattern on the daily chart. On the downside, 17900-17880 will act as immediate support where fresh buying can be witnessed. Any decisive fall below 17880 will extend such recession for 17770 and then 17650,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Positive momentum may continue as long as Nifty holds above 17800–17780
“As long as the Nifty continues to trade above the 17800–17780 support zone we expect the positive momentum to continue. Overall, the positive outlook remains intact and a close above 18100 shall lead to a further upside till 18370 where resistance in the form of the weekly upper Bollinger band is placed,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty may continue its upward journey till it holds above 18000
“On the higher end, Nifty might continue its upward journey till it holds above 18000 on a closing basis. Resistance on the higher end is placed at 18200, above which a further rally might come,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty outlook
Bank Nifty to drift further higher towards 43500-43650
“In the wake of growing technical tailwinds, we expect Bank Nifty to drift further higher towards 43500-43650. Any correctional fall towards 42650-42500 will provide a fresh buying opportunity,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Bank Nifty first support at 43080 and then 42800
“Bank Nifty has crossed the hurdle of 43080; now 43500 and 44000 will be the next target levels. On the downside, 43080 will be the first support level, and below this, 42800 will be the next immediate support level,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Bank Nifty should hold above 43300 to witness up move towards 43555-43700
“Over the short term, Bank Nifty has remained above the important moving averages. On the higher end, immediate resistance is placed at 43300. Now, it has to continue to hold above 43300 zones to witness an up move towards 43555 and 43700 zones while on the downside support exists at 42950 and 42780 levels,” said Ashish Katwa, Research Analyst at Bonanza Portfolio Ltd
Bank Nifty trend likely to remain positive as long as it holds above 43000
“Bank Nifty continues to remain in strength despite the subdued move from the most heavyweight. The trend will likely remain positive as long as it remains above 43000 on a closing basis. On the higher end, Bank Nifty might move towards 43300/43500 over the near term,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty immediate resistance at 43310, 43422, 43510 and 43630
“Bank Nifty is in Bullish momentum at this time and the next immediate resistance at 43310 (only in case of a big Gap down opening case), 43422, 43510, 43630 and support areas would be 42960 to 43000 and if this breakdown 42800 to 42820 will be strong support zone,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).