Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may trade lower today amid unfavourable global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 81 points or 0.44% lower at 18,139.5 in today’s early morning trade. Asian markets were trading in red, with South Korea’s KOSPI falling 0.86% and Hong Kong’s Hang Seng tanking 1.65%. China’s Shanghai Composite Index and Japan’s Nikkei 225 remained closed on Wednesday. The US market ended the overnight session in red– Dow Jones Industrial Average (DJIA) tanked 1.08%, S&P 500 plunged 1.16% and the tech-heavy Nasdaq tumbled 1.08%. On Tuesday, the NSE Nifty 50 jumped 82.65 points or 0.46% to 18,147.65 and BSE Sensex surged 242.27 points or 0.40% to 61,354.71. In sectoral indices, Bank Nifty climbed 118.2 points or 0.27% to 43,352.1, Nifty Auto rose 93.9 points or 0.71% to 13,283.15 and Nifty IT skyrocketed 316.8 points or 1.14% to 28,025.
Nifty outlook
Nifty first support at 18173 and then 18143
Nifty first support at 18173 and then 18143 while resistance seen at 18239 and 18277, according to Rahul Sharma, JM Financial.
Nifty may consolidate ahead of the outcome of US Fed meet
“We may see some consolidation citing caution ahead of the outcome of the US Fed meet however the tone is likely to remain positive so maintain the “buy on dips” approach,” said Ajit Mishra, VP-Technical Research, Religare Broking Ltd.
Nifty immediate base shifts higher towards 18000–17900
“Some profit booking or a time consolidation cannot be ruled out before unfolding the next leg of the rally. Overall, Nifty’s undertone remains bullish, and the immediate base now shifts higher towards 18000 – 17900,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd.
Nifty undertone remains bullish
“Nifty is trading near a crucial resistance of 18,200 and once surpassed will witness further short covering towards the 18,400 level. The downside support is at 18,000 where aggressive put writing is visible. The undertone remains bullish and one should keep a buy-on-dip approach,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Traders can look for long opportunities only above 17210
“The major resistance for Nifty is at the 18,200 level. Intraday traders can look for long opportunities only above 17,210 if the closing comes above 17,210 in 15 min chart. Traders can look for fresh shorts only if nifty breaks the 18,000 level & remains below for 15 min to ensure short,” said analysts at Stoxbox.
Nifty uptrend would be vulnerable below 18000
“Nifty has formed a small candle while on intraday charts it is still holding higher bottom a formation which is broadly positive. In the near future, 18050-18000 would be the key support zone while 18200-18250 would act as an immediate hurdle for the bulls. However, below 18000, the uptrend would be vulnerable,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty 18200-18250 range will be major hurdle for buyers
“Nifty’s immediate support range is 18100. If this breaks down and sustains below this level, the next important support level is 18040. Nifty has major support at 17980. The nifty 18200-18250 range will be a major hurdle for buyers and if this level breaks out and the price sustains above this level, our next resistances will be at 18260/18320/18415,” said Ashish N. Ambala (Sr. Technical Analyst), Stock Market Today (SMT).
Bank Nifty outlook
Bank Nifty first support at 43242 and then 42147
Bank Nifty first support at 43242 and then 42147 while resistance at 43466 and 43584, according to Rahul Sharma, JM Financial.
Bank Nifty resistance at 43525-43610
“If Bank Nifty opens flat, yesterday’s low will act as a support area and if it’s breaking yesterday’s low, 43190 is the very first support and if this level breaches next support is 43040. Bank Nifty will have major support at the 43040-43000 range. The major resistance is 43525 and if this level Breaks out and sustains above this, we can see the next important resistance at 43610 and 43740,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
Bank Nifty downside support visible at 43000-42800
“Bank Nifty needs to surpass the 43500 level on a closing basis to continue the momentum to a time-high level. The downside support is visible at the 43,000-42,800 zone and any dip towards this support zone will be an ideal opportunity to create fresh long positions,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Bank Nifty undertone remains bullish as long as it holds 43300
“Bank Nifty is seen to be trading in a higher high higher low formation as bulls swiftly take it close to 43400. The undertone remains bullish as long as the index holds the levels of 43300 as put writers are fiercely active on 43300, 43200 and 43000 and call writers are active on 43400 and 43500. Support seen at 43300, 43200 and 43000 and resistance placed at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.