Stock Market Today, Nifty, Bank Nifty: Nifty, Sensex may remain in the green territory on Monday amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 35 pts or 0.20% higher at 17,452.50 in the early morning trade. Asian markets were trading in green with China’s Shanghai Composite index rising 0.46%, Japan’s Nikkei 225 climbing 0.48%, Hong Kong’s Hang Seng surging 0.08%, and South Korea’s KOSPI advancing 0.02%. The US market ended Friday’s session with strong gains – Dow Jones Industrial Average surged 1.26%, S&P 500 climbed 1.44% and the tech-heavy Nasdaq skyrocketed 1.74%. On Friday, NSE Nifty 50 surged 279.05 or 1.63% to 17,359.75 and BSE Sensex skyrocketed 1031.43 pts or 1.78% to 58,991.52. In sectoral indices, Bank Nifty rose 698.50 pts or 1.75% to 40,608.65 and Nifty IT rose 2.45%.
Nifty outlook
Nifty first support 17319 and then 17197
Nifty first support placed at 17319, and then 17197 and resistance at 17514 and then 17587, according to Rahul Sharma, JM Financial.
Nifty immediate barrier at 17450
“Nifty has established a short-term bottom around 16800 levels. It successfully crossed its 20-DMA of 17220 during Friday’s trading session, which is encouraging for the bulls. The 200-DMA of 17450 is an immediate barrier; above it, we can anticipate a move toward the 17600 level,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Nifty to drift in broad horizontal band of 17000-17550
“We expect Nifty to trade further higher towards 17450-17500, the vicinity of 55-day EMA, where ongoing advances could be fizzled out. ‘Buy the dip’ will remain in favour and any correctional fall close to 17200-17150 will provide an opportunity to build fresh long positions. In short term, we expect the index to drift in the broad horizontal band of 17000 t0 17550 with sideways to higher sentiments,” said Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd.
Nifty decisive move beyond 17450-17580 would affirm trend reversal
“Nifty bullish gap of the 17200-17130 odd zone is expected to cushion any short-term blip, with the sacrosanct support placed around the psychological mark of 17000 for the time being. While on the higher end, a decisive move beyond the bearish gap of 17450-17580 would affirm the trend reversal in the market,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Nifty trend likely to remain strong as long as it holds above 17200
“Nifty has moved above the recent consolidation, suggesting a rise in optimism. The momentum oscillator RSI has entered a bullish crossover. The trend is likely to remain strong as long as it remains above 17200. On the higher end, the next important level is 17500–17600, where bears will be waiting,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty likely to test zone of 17480 – 17500
“Nifty has managed to close above the 20-day moving average (17214) which is a sign of strength. The daily momentum indicator has a positive crossover which is a signal. Thus, both price and momentum indicators is suggesting further upside. The index is likely to test the zone of 17480 – 17500 where resistance in the form of the 200-day moving average and the upper end of the falling channel is placed,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Bank Nifty outlook
Bank Nifty first support at 40547 and then 40263
Bank Nifty first support placed at 40547, and then 40263 and resistance at 41014 and then 41197, according to Rahul Sharma, JM Financial.
Bank Nifty target placed at 40951-41671
“The spotlight this week would be on the RBI’s monetary policy announcement. Bank Nifty’s target is 40951-41671 with aggressive targets at the 42000-42045 zone,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
If Bank Nifty breaks 41300-41500 then it will open the room for 42000
“Bank Nifty is set to gain more momentum as most of the major components witnessed a breakout to the upside, turning near-term bias sideways higher. Prices are currently hovering below 21-week EMA, indicating slight profit booking from the present juncture and that should be containing around 40000 where a fresh round of buying will emerge with potential targets of 41300-41500 which if broken decisively will open the room for 42000 and above,” said Arvinder Singh Nanda, Senior Vice President of Master Capital Services Ltd.
Bank Nifty immediate support at 40200
“Bank Nifty surpassed the hurdle of 40000 with buying action throughout the day on Friday. The breakout confirms the positive momentum and one should keep a buy approach with immediate support at 40200. The index closed above the past 10 days’ high with a sharp surge in volumes which confirms the strength of the index. The index surpassed its 200 DMA which acts as a change of polarity,” said Kunal Shah, Senior Technical Analyst at LKP Securities.