Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade flat on Monday amid muted global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 49 points or 0.28% higher at 17,688.5 in the early morning trade. Asian markets were trading mixed with China’s Shanghai Composite Index dipping 0.08%, South Korea’s KOSPI dropping 0.54%, Hong Kong’s Hang Seng rising 0.06% and Japan’s Nikkei 225 climbing 0.28%. The US market ended Friday’s session flat– Dow Jones Industrial Average (DJIA) rose 0.07%, S&P 500 was up 0.07% and the tech-heavy Nasdaq rose 0.11%. On Friday, the NSE Nifty 50 settled at 17,624.05 and BSE Sensex rose 22.71 points or 0.04% to 59,655.06. In sectoral indices, Bank Nifty fell 151.5 points or 0.36% to 42,118.00, Nifty IT rose 184.95 points or 0.69% to 26,822.10 and Nifty Pharma rose 60.5 points or 0.48% to 12,545.75.
Nifty outlook
Nifty first support at 17591 and then 17533
Nifty first support at 17591 and then 17533 while the resistance at 17698 and 17747, according to Rahul Sharma, JM Financial.
Below 17600, Nifty may slip towards 17400
“A fall below 200 DMA, currently pegged at 17605, might trigger a panic button. Below 17600, the Nifty may slip towards 17400. On the higher end, resistance is placed at 17700, above which the index may move towards 18000,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty may fall to 17350-17200
“In the short term, Nifty can experience some selling pressure as prices have formed a bearish engulfing pattern on the weekly chart, which strengthens the case for further recession towards 17350 and then 17200. On the higher side, 17700-17750 will act as an immediate resistance where fresh selling can be initiated. If prices manage to surpass the 17900 mark, the next crucial resistance to watch out for would be 18150-18200,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Nifty multiple support at 17600, 17500, 17400
“Nifty is facing resistance at the 100-DMA, which coincides with the 50% retracement of the previous fall from 18888 to 16828. However, 17600, 17500, and 17400 are multiple support levels, and until Nifty trades above 17400, it may anytime resume its bullish momentum towards the 18100–18200 zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
Bank Nifty outlook
Bank Nifty first support at 41928 and then 41730
Bank Nifty first support at 41928 and then 41730 while the resistance at 42375 and 42589, according to Rahul Sharma, JM Financial.
Bank Nifty may fall to 41500 if it fails to hold 42000
“Bank Nifty is consolidating in a broad range between 42,000-42,500 and a break on either side will have trending moves. The index if it fails to hold the support of 42,000 on a closing basis will witness further downside toward the 41,500 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Bank Nifty likely to pave way for 41700-41500
“Bank Nifty is likely to pave the way for 41700-41500 which if broken decisively will extend that fall for 41200 – the vicinity of 21-week EMA. On the higher side, if prices manage to trade above 42600 the bullish trend will resume for 43100-43500,” said Arvinder Singh Nanda, Senior Vice President, of Master Capital Services Ltd.
Bank Nift rally towards 43500–44000 anticipated if it holds above 42600–43000
“Bank Nifty range of 42600–43000 represents an immediate supply zone; above this, a rally towards the range of 43500–44000 levels is to be anticipated. On the downside, 41200–41000 is a significant support zone, and 42000–41700 is an instant demand zone,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.