Stock Market Today, Nifty, Bank Nifty: Nifty and Sensex may remain volatile on Thursday, i.e, weekly F&O expiry as investors await the RBI MPC interest rate decision which is scheduled to be announced today. The Nifty futures on the Singapore Exchange (SGX) were trading 40 pts or 0.23% lower at 17,584.50 in the early morning trade. Asian markets were trading in red with Japan’s Nikkei 225 falling 1.08%, Asia Dow dropping 0.48%, South Korea’s KOSPI dipping 0.65%, China’s Shanghai Composite index tumbling 0.42% and Hong Kong’s Hang Seng plunging 0.84%. The US market ended the overnight session mostly in red – Dow Jones Industrial Average rose 0.24%, S&P 500 plunged 0.25% and the tech-heavy Nasdaq tumbled 1.07%.
Nifty outlook
Nifty first support at 17531 and then 17437
Nifty first support at 17531 and then 17437 while resistance at 17674 and 17724, according to Rahul Sharma, JM Financial.
Uptrend may remain in force until Nifty falls below 17350
“Nifty has given a falling channel breakout on the daily chart. Besides, the index has moved above the critical 200DMA after several days, suggesting increasing bullishness. The momentum oscillator RSI is in bullish crossover and rising, which suggests positive momentum for the near term. On the higher end, the index may move towards 17800. The current uptrend may remain in force until the Nifty falls below 17350,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty levels of 17400-17350 expected to cushion minor correction
“The bulls have taken control of the market, which is evident in the technical chart with Nifty testing the 200 SMA and the bearish gap on the daily time frame. As far as levels are concerned, the pivotal level of 17600 is the immediate hurdle for Nifty, surpassing which the index could re-test the recent swing high of 17800 in a comparable period. On the flip side, the 17400-17350 is expected to cushion any minor correction, while the unfilled gap around the 17200 holds the sacrosanct support zone,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Bears remain in trap as Nifty’s important 17500 level is sustained
“Nifty has formed a bullish candlestick on the daily timeframe. Bears remain in the trap as important 17500 zones are sustained. The Middle Bollinger band is also acting as important support as well. Stock-specific action would drive the market in the coming days too. Coming to the OI Data, on the call side, the highest OI was observed at 17700 followed by 17800 strike prices while on the put side, the highest OI was at 17500 strike price,” said Om Mehra, Equity Research Analyst at Choice Broking.
Nifty immediate hurdle zone at 17625–17650
“On the hourly charts we can observe a negative divergence on the hourly momentum indicator which is a sign of caution however it needs to be confirmed by weakness in the price action and we see no evidence of it as of now hence we shall continue to ride the up move. In terms of levels, 17410 – 17350 shall act as crucial support for Nifty while 17625 – 17650 is the immediate hurdle zone and the short-term target,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty short covering move towards 17770 expected above 17500
“Nifty is showing bullish momentum and closed above 17500 on Wednesday. Above 17500, we can expect a short covering move towards 17770. On the downside, 17300 and 17220 are important support levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Bank Nifty outlook
Bank Nifty first support at 40987 and then 40841
Bank Nifty first support at 40987 and then 40841 while resistance at 41259 and 41385, according to Rahul Sharma, JM Financial.
Bank Nifty hurdle stands at 41500-41600 zone
“Bank Nifty’s next hurdle on the upside stands at the 41,500-41,600 zone which can act as a profit-booking zone for the short term. The index, however, surpassing those levels on a closing basis, can extend the rally towards 42,000/42,500 levels. The lower-end support is visible at the 40,600-40,500 zone, which will cushion the bulls,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty support at 40500 while resistance at 41500-41650
“Bank Nifty has support at 40500 while resistance is placed at the 41500-41650 range. We suggest traders hedge their trading position as markets can be volatile. A cautiously positive approach is advised for the coming days,” said Om Mehra, Equity Research Analyst at Choice Broking.
Bank Nifty can rally towards 41666 if it holds above 41250
“Bank Nifty is showing relative strength where 41250 is an immediate target. Above 41250, we can expect a rally towards 41666. On the downside, 40400 and 40200 are important to support levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.