Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may trade lower on Wednesday amid negative global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 31 points or 0.18% lower at 17,755 in the early morning trade. Asian markets were trading mixed with China’s Shanghai Composite Index rising 0.02%, South Korea’s KOSPI up 0.3%, Hong Kong’s Hang Seng up 0.14% while Japan’s Nikkei 225 fell 0.37%. The US market ended the overnight session deeply in red– Dow Jones Industrial Average (DJIA) tanked 1.02%, S&P 500 tumbled 1.58% and the tech-heavy Nasdaq plunged 1.98%. On Tuesday, the NSE Nifty 50 rose 25.85 points 0.15% to 17,769.25 and BSE Sensex climbed 74.61 points 0.12% to 60,130.71. In sectoral indices, Bank Nifty advanced 42.75 points or 0.10% to 42,678.5 and Nifty PSU Bank surged 52.15 points or 1.31% to 4,036.35.
Nifty outlook
Nifty first support at 17700 and then 17650
Doji structure on daily charts for Nifty after the upmove. US markets finally have a trending down day after many days of lacklustre activity. Spike in VIX too. Nifty has a bearish view if 17700 breaks or else we may remain rangebound. First support at 17700 and then 17650 while resistance at 17800 and 17863, according to Rahul Sharma, JM Financial.
Nifty upside resistance visible at 17800
“Nifty continued to remain in the buy zone despite forming a Doji-like pattern on the daily chart. The index remains comfortably above the critical moving averages, suggesting a positive trend. The upside resistance is visible at 17800, where the bulls may find an immediate resistance. Above 17800 the Nifty may move higher towards 18000. On the lower end, support remains intact at 17700,” said Rupak De, Senior Technical Analyst at LKP Securities.
Investors to keep a close eye on Nifty 17650 level
“In the near term, traders and investors will keep a close eye on the critical support level of 17650, as a breach of this level could lead to further downside. On the upside, the zone of 17850-17900 is expected to act as a resistance, and a decisive move above this level could open up further upside potential,” said Ameya Ranadive CMT CFTe., Equity Research Analyst, Choice Broking.
Nifty intraday correction possible if it slips below 17720
“On daily charts, the Nifty has formed a small Doji candlestick formation which indicates indecisiveness between the bulls and bears. A minor intraday correction is possible, if the index slips below 17720 and retests the level of 17670-17625. On the flip side, a fresh uptrend wave is possible only after the dismissal of 17820. Post breakout the chances of the index hitting 17900-17925 would turn bright,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Nifty crucial support zone to keep watch is 17620-17600
“The crucial support zone to keep a watch is 17620 – 17600. Until the Nifty manages to hold and trade above this zone, we can expect the up move to continue. On the upside, the initial hurdle stands at 17863 – 17880. A break above that shall lead to a sharp rise towards the 18000 psychological mark. Overall, we shall continue to maintain our positive stance from a short-term perspective for a target of 18100,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty outlook
Bank Nifty first support at 42566 and then 42472
Bank Nifty first support at 42566 and then 42472 while resistance at 42803 and 42946, according to Rahul Sharma, JM Financial.
Bank Nifty resistance at 42850-42900
“Traders and investors will closely monitor the critical support level of 42200, as a breach of this level could lead to further downside in Bank Nifty. On the upside, the zone of 42850-42900 will operate as a resistance, and a decisive move above this level could trigger fresh buying interest,” said Ameya Ranadive CMT CFTe., Equity Research Analyst, Choice Broking.