Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty and BSE Sensex may trade flat today amid mixed global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 19 points or 0.11% higher at 17,684 in the early morning trade. Asian markets were trading lower with China’s Shanghai Composite Index dipping 0.20%, South Korea’s KOSPI dropping 0.70%, Hong Kong’s Hang Seng falling 0.60% and Japan’s Nikkei 225 slipping 0.19%. The US market ended the overnight session in red– Dow Jones Industrial Average (DJIA) fell 0.33%, S&P 500 tumbled 0.6% and the tech-heavy Nasdaq plunged 0.8%.
Nifty outlook
Nifty first support at 17602 and then 17550
Nifty first support at 17602 and then 17550 while resistance at 17716 and 17778, according to Rahul Sharma, JM Financial.
Nifty consolidation range likely to be 17500–17800
“Until the Nifty breaks below the crucial support zone of 17550 – 17500, we shall assign less weightage to the sell signal. During this consolidation phase, we can expect sector rotation and stock-specific price action. The consolidation range is likely to be 17500 – 17800 for the next few trading sessions,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
Fall below 17580 may take Nifty towards 17500-17400
“On the lower end, 17580 is placed as a crucial support; any decisive fall below 17580 may take the Nifty towards 17500/17400. On the higher end, 17700 continues to remain a strong resistance, a decisive move above 17700 may reinstate the bullishness in the market,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty outlook
Bank Nifty first support at 42138 and then 42004
Bank Nifty first support at 42138 and then 42004 while resistance at 42394 and 42516, according to Rahul Sharma, JM Financial.
Bank Nifty undertone remains bullish as long as it holds 42000
“The fight between the bulls and the bears continued in the index and the broad range of 42,000-42,500 still remains intact. A break on either side will decide the clear momentum for the index. The undertone within the range remains bullish as long as it holds the level of 42000 on the downside. The support if breached will lead to a sharp correction toward the 41,500 level,” said Kunal Shah, Senior Technical & Derivatives Analyst at LKP Securities.