Share Market outlook today: Nifty, Bank Nifty may tumble amid negative global cues; check support, resistance
Nifty and Bank Nifty Today: Nifty support at 18669-18617 while resistance at 18757-18794. Bank Nifty support at 44352-44208 while resistance at 44569-44641.
Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain under pressure today amid negative global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 48 points or 0.26% lower at 18,682 in today’s early morning trade. Asian markets were trading red – Hong Kong’s Hang Seng tanked 1.66%, China’s Shanghai Composite index plunged 0.61%, Asia Dow tumbled 1.25% and Japan’s Nikkei 225 sank 0.78%. The US market ended the overnight session mostly flat – Dow Jones Industrial Average (DJIA) fell 0.15%, S&P 500 closed flat and the tech-heavy Nasdaq rose 0.32%. On Tuesday, the NSE Nifty 50 rose 35.20 points or 0.19% to 18,633.85 and the BSE Sensex jumped 122.75 points or 0.20% to 62,969.13. In sectoral indices, Bank Nifty surged 124.45 points or 0.28% to 44,436.35, Nifty Financial Services gained 73.35 points or 0.38% to 19,606.05, Nifty IT rose 57.45 points or 0.20% to 29,297.65 while Nifty Metal plunged 54.65 points or 0.91% to 5,936.55. NSE Nifty 50 Outlook
Nifty first support at 18669 and then 18617
Nifty first support at 18669 and then 18617 while resistance at 18757 and then 18794, according to Rahul Sharm, JM Financial.
Nifty may jump to all-time high if it breaks above 18633–18696
“In the range of 18633–18696 exists an immediate supply zone where we may witness some consolidation or profit booking. If Nifty manages to break above this range, it is likely to move towards its all-time high. On the downside, there is a support zone between 18450 and 18400, which could act as a cushion in case of any downward movement. Additionally, the 20-day moving average (20-DMA) at 18300 holds significant importance as a key support level,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Nifty resistance at 18780–18900
“The bullish gap formed around 18550–18500 is expected to provide immediate support, while the previous resistance at 18400 is now anticipated to act as a strong support level. On the flip side, the range of 18780–18900 is considered an immediate resistance zone,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty to aim towards its all-time-high at 18888
“Bulls continue to cheer the US debt agreement to raise the $31.4 trillion debt ceiling for which the vote on the deal is likely on Wednesday. If yesterday’s bullish action is any indication, then expect Nifty to aim towards its major hurdles at its all-time-high at 18888, while the support to watch is at the 18283 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Nifty could rally till 18725-18750 if it breaks above 18665
“The intraday formation is suggesting the continuation of a range-bound activity in the near future. For bulls, 18665 would be the immediate breakout level, above which the market could rally till 18725-18750. On the flip side, below 18550, selling pressure is likely to accelerate till 18500-18475,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Rangebound price action over next few trading sessions expected
“The hourly momentum indicator still has a negative crossover which points out that the consolidation is still not over, and it could lead to a rangebound price action over the next few trading sessions. Overall, the uptrend is intact, and this consolidation shall provide an opportunity for initiating fresh long positions. In terms of levels, 18705–18735 shall act as the immediate hurdle zone while 18570–18500 is the crucial support zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Nifty expected to undergo slight consolidation phase
“Nifty is expected to undergo a slight consolidation phase or witness some profit booking. The index’s crucial support levels are at 18500-18450, while potential resistance can be anticipated at 18700-18750 levels,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.
Buy on dips as long as Nifty remains above 18500
“The Relative Strength Index (RSI) shows a bullish crossover, indicating a favourable market sentiment. Traders and investors are advised to consider buying on dips as long as the index remains above the 18500 level. However, resistance is seen at the 18800 mark, which could potentially limit further upside,” said Rupak De, Senior Technical at LKP Securities. Bank Nifty Outlook
Bank Nifty first support at 44352 and then 44208
Bank Nifty first support at 44352 and then 44208 while resistance at 44569 and then 44641, according to Rahul Sharma, JM Financial.
“Bank Nifty has support at 44000, which coincides with the highest open interest being built up on the put side. This suggests that market participants have shown significant interest in put options at this level, potentially acting as a support zone for the index,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Bank Nifty resistance at 44500, 44700, 45000
“Bank Nifty has achieved a new all-time high, with 44500 acting as an immediate resistance level. If Bank Nifty manages to surpass this hurdle, the next resistance levels to watch out for are 44700 and 45000. On the downside, there is an immediate support zone between 44150 and 44000. A breach below this zone may result in profit booking towards the 43700/43400 levels,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
“Bank Nifty closed above the 44400 mark, achieving consecutive all-time highs over the past two days. Bank Nifty support is situated at 44100, whereas resistance levels are projected at 44750-44800,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.