Stock Market Today, Nifty, Bank Nifty: Indian benchmark equity indices are likely to remain in the positive territory today amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 8.50 pts or 0.05% higher at 17,496.50 in the early morning trade. Asian markets were trading broadly in green with China’s Shanghai Composite index rising 0.33%, Japan’s Nikkei 225 jumping 0.47%, Hong Kong’s Hang Seng climbing 0.72% and South Korea’s KOSPI advancing 1.07%. The US markets ended the overnight session in positive territory with the Dow Jones Industrial Average rising 0.22%, S&P 500 up 0.31% and the tech-heavy Nasdaq climbing 0.63%. On Monday, the NSE Nifty 50 fell 73.10 pts or 0.42% to 17,392.70 and BSE Sensex dipped 175.58 pts or 0.30% to 59,288.35. Sectoral indices ended mixed with Bank Nifty rising 397.70 pts or 1% to close at 40,307.10.
Nifty outlook today
Nifty first support at 17300, and then at 17200
“Finally reversal candles were seen on Nifty & Bank Nifty after the Budget Day low was broken in Nifty. India VIX has also cooled down in the last three sessions. Nifty still remains the laggard but a bounce-back up to 17600 is a possibility if we sustain above 17450. Index’s macro and the micro view remains bullish. Support is placed at 17,300 followed by 17200 and resistance is placed at 17450 and 17600,” said Rahul Sharma, JM Financial Services Ltd.
Nifty may recover towards 17600/17750 over the short term
“Nifty recovered before closing around the day’s high as it formed a hammer pattern on the daily chart, suggesting a possibility of a bullish reversal. On the daily chart, it found support around the 200DMA. Going ahead, the index may witness a strong recovery as long as it closes above the 200-day moving average (17370). On the higher end, the index may recover towards 17600/17750 over the short term. However, a decisive fall below 17370 may open the gate towards 17150 and lower,” said Rupak De, Senior Technical Analyst at LKP Securities.
New long positions must be avoided until Nifty attains 17620
“Nifty has formed bearish candles continuously eight days in a row. ADX and MACD are still inclined on the negative side. Taking new long positions must be avoided until the Nifty attains 17620 levels. In the weekly chart, Index remained beneath the middle Bollinger band. The index may find support around the 17200 levels. On the derivatives front, the highest call OI is at 17600 followed by 17500 strike price while on the put side, highest OI remains at 17200 strike price,” Om Mehra, Equity Research Analyst, Choice Broking.
Bank Nifty Outlook
Bank Nifty upside potential seen up to 41,000
“Bank Nifty remains a clear favourite with upside potential up to 41,000. Banks and PSEs remain under bullish setups while Adani Enterprises, MPhasis and PVY are under bearish setups,” said Rahul Sharma, JM Financial Services Ltd.
Bank Nifty support at 39700
“Bank nifty has support at 39700 levels while resistance is placed at 40900-41000. Over the next few days, we anticipate the market to trade with a sell-on-rise bias, yet this is an excellent opportunity for investors to choose high-quality stocks with a three to six-month time horizon,” said Om Mehra, Equity Research Analyst, Choice Broking.