Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may remain volatile on monthly F&O expiry. The Nifty futures on the Singapore Exchange (SGX) were trading 33 points or 0.19% lower at 17,796 in today’s early morning trade. Asian markets were trading mostly in red with South Korea’s KOSPI falling 0.31%, Hong Kong’s Hang Seng down 0.32%, Japan’s Nikkei 225 down 0.32% and China’s Shanghai Composite Index up 0.02%. The US market ended the overnight session mostly in red– Dow Jones Industrial Average (DJIA) fell 0.68%, S&P 500 tumbled 0.38% and the tech-heavy Nasdaq jumped 0.47%. On Wednesday, the NSE Nifty 50 rose 44.35 points or 0.25% to 17,813.60 and BSE Sensex climbed 169.87 points or 0.28% to 60,300.58. In sectoral indices, Bank Nifty surged 151.40 points or 0.35% to 42,829.90 and Nifty Realty rose 5.85% to 1.36% to 435.95.
Nifty outlook
Nifty first support at 17731 and then 17687
Nifty first support at 17731 and then 17687 while the resistance at 17822 and 17867, according to Rahul Sharma, JM Financial.
Nifty likely to witness consolidation from higher levels
“Overall structure shows that the Nifty is likely to witness consolidation or profit booking from higher levels. However, an attempt to test 17950-18000 can be ruled out. Traders may find buying opportunities if the 17700 level is protected. OI Data indicates, on the call side the highest OI is witnessed at 18000 followed by 17900 strike prices while on the put side, the highest OI remains at 17700 followed by 17600 strike prices,” said Om Mehra, Equity Research Analyst at Choice Broking.
Nifty to target 18,000/18,200 levels in near term
“Nifty momentum remains strong and one should keep a buy approach and expect targets of 18,000/18,200 in the near term. The monthly expiry indicates resistance at 18,000 where the highest open interest is built up on the call side,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Nifty short-term target placed at 18100
“The Nifty crucial support zone to watch out for is 17700–17680 and on the upside 17860 – 17880 shall act as an immediate hurdle zone and 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 the 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 and resistance at 42803 and 42946, according to Rahul Sharma, JM Financial.
Bank Nifty trend remains bullish
“In the short term, the Bank Nifty trend remains bullish with the new range for traders being 42500-43000, where writers have significant build-up. On the lower end, a fall below 42500 may trigger panic in the banking space; whereas on the higher end, a decisive rise above 43000 may induce further rally,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty resistance seen at 42900, 43000 and 43300
“Bank Nifty on the daily timeframe is seen to be continuing the bullish trend as bulls inch closer to 43000. The options data suggests short covering and the undertone remains bullish as long as Bank Nifty holds the levels of 42800 as put writers are fiercely active on 42800, 42600 and 42500 and call writers are active on 42900 and 43000. Bank Nifty support placed at 42700, 42600 and 42500. Resistance seen at 42900, 43000 and 43300,” said Mitesh Karwa Research Analyst at Bonanza Portfolio Ltd.