[ad_1]
Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain volatile on weekly F&O expiry. The Nifty futures on the Singapore Exchange (SGX) were trading 30 points or 0.16% higher at 18,388 in today’s early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng fell 0.07%, Japan’s Nikkei 225 plunged 0.2%, China’s Shanghai Composite rose 0.17% and South Korea’s KOSPI climbed 0.44% on Thursday. The US market ended the overnight session mostly in green after US CPI inflation fell below 5% for the first time in two years – Dow Jones Industrial Average (DJIA) fell 0.09%, S&P 500 climbed 0.45% and the tech-heavy Nasdaq jumped 1.04%. On Wednesday, the NSE Nifty 50 rose 49.15% or 0.27% to 18,315.1 and BSE Sensex surged 178.87 points or 0.29% to 61,940.2. In sectoral indices, Bank Nifty climbed 132.9 points or 0.31% to 43,331.05 and Nifty PSU Bank tanked 42.5 points or 1.06% to 3,959.3.
NSE Nifty 50 outlook
NSE Nifty 50 support at 18212 and then 18250
Nifty formed a dragonfly doji along with a spike in VIX which closed at its highest level in 6 weeks. Expect short covering above 18343 which can take us to 18400, however, if we fail to cross this level then bears can bring in a surprise. First support at 18212, 18250 and resistance at 18343 and then at 18400, according to Rahul Sharma, JM Financial.
Essential to monitor Nifty levels of 18150-18200
“On the daily charts, the NSE Nifty 50 formed a bullish Dragonfly Doji pattern, indicating robust buying activity from market bulls and implying the potential for sustained upward momentum in the market. Looking ahead, it is essential to monitor the levels of 18150-18200 as critical support levels, while breaching the mark of 18350 would open up possibilities for the market to reach the range of 18500-18600,” said Ameya Ranadive CMT, CFTe, Equity Research Analyst at Choice Broking.
Nifty immediate hurdle seen at 18330–18350
“On the daily charts, the Nifty is still hovering around the upper boundary (18350) of the broad trading range (18000–18350) and both bulls and bears are trying hard to defend their respective boundaries. On the way down 18220–18200 is acting as a crucial support zone while 18330–18350 is acting as an immediate hurdle and the Nifty is witnessing volatile trade within this range. Until we get a decisive close beyond the extremes of this range the sideways price action is likely to continue,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty 18500 level anticipated to be tested soon
“The 18250-18200 zone is expected to cushion any short-term blip for Nifty, while the sacrosanct support lies around the 18100-18000 mark. On the flip side, the 18500 is very much in the vicinity and is highly anticipated to be tested soon,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.
Nifty may rise as long as it sustains above 18200
“The next strong resistance level for the Nifty is expected to be in the range of 18,400 to 18,500. However, the overall trend remains positive, indicating that there is an overall upward bias in the market. Therefore, despite potential resistance levels, the market is still expected to move in an upward direction as long as it sustains above 18200,” said Rupak De, Senior Technical Analyst at LKP Securities.
Nifty next possible targets are 18410, 18470 and 18500
“Nifty support levels are 18210, 18160 and 17990 (Strong Support). Nifty next possible targets are 18410, 18470 and 18500 which will act as resistance,” said Ashish N. Ambala (Sr. Technical Analyst), Stock Market Today (SMT).
Bank Nifty outlook
Bank Nifty first support at 42993 and then 42670
Bank Nifty needs to take out 43535 for any challenge to bears. First support at 42993 and then 42670 while resistance at 43494 and then 43672, according to Rahul Sharma, JM Financial.
Nifty Bank resistance placed at 43500
“Nifty Bank support level at 43,000 demonstrated a strong demand zone. Currently, there is immediate resistance at 43,500, and surpassing this level would clear the way for further gains toward 44,000,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.
Bank Nifty undertone remains bullish as long as it holds 43000
“Bank Nifty is seen to be trading in a higher high higher low formation on the daily timeframe but is facing rejection from 43500 levels. The undertone remains bullish as long as it holds the levels of 43000 as put writers are fiercely active on 43200 and 43000 and call writers are active on 43500 and 44000. Buy on dip strategy can be implemented for targets of 43700. Technical indicator RSI is at around 63 and is showing strength by sustaining above 50 levels. Support is placed at 43200, 43100 and 43000 while resistance is seen at 43400, 43500 and 44000,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.
In case of flat & gap opening 42800 will act as strong support for Bank Nifty
“Bank Nifty will have major resistance at 43490, 43545,43620 and 43700. Nifty Bank’s nearest support is 43160. Buyers who are active in this bullish momentum will try to defend this level as much as possible and if they fail in it, the next support level is 42900. 42800 is very strong support in case of Flat & gap opening,” said V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT).
[ad_2]
Source link