Nifty and Bank Nifty Today: Nifty first support at 17271 and then 17200 while resistance at 17428 and 17475. Bank Nifty first support at 40843 and then 40667 while resistance at 41123 and 41227.
Stock Market Today, Nifty, Bank Nifty: Nifty and Sensex may remain under pressure on Wednesday amid negative global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 60 pts or 0.34% lower at 17,514.50 in the early morning trade. Asian markets were trading mostly in red with Japan’s Nikkei 225 falling 1.27%, Asia Dow dropping 0.75% while South Korea’s KOSPI rose 0.16%. China’s Shanghai Composite and Hong Kong’s Hang Seng remained closed on Wednesday. The US market ended the overnight session in red – Dow Jones Industrial Average fell 0.59%, S&P 500 plunged 0.58% and the tech-heavy Nasdaq tumbled 0.52%. On Monday, the NSE Nifty 50 rose 38.30 pts or 0.22% to 17,398.05 and BSE Sensex climbed 114.92 pts or 0.19% to 59,106.44. Bank Nifty surged 204.40 pts or 0.50% to 40,813.05.
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Nifty outlook
Nifty first support at 17271 and then 17200
“Short if Nifty fails to sustain above 17428 for the target of 17200. Stop Loss at 17475. Nifty first support at 17271 and then 17200 while resistance at 17428 and 17475. Nifty micro view remains bearish,” said Rahul Sharma, JM Financial.
“Bulls are expected to continue to take over the positive momentum in the next trading sessions, with the biggest intraday support on Nifty to watch at the 17227 mark for Wednesday’s trade. In terms of the overall market trend, we have a range-bound view for the Nifty, with resistance around the 17450-17490 range and a good support range at 17300-17350. The current neutral trend is mainly due to the significant jump in crude prices, which may have an impact on inflation and economic growth,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
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Nifty strong support base shifts towards 17200-17150
“Prices have now reached a key juncture of resistance placed in the zone of 17450-17600, which is the confluence point of the bearish gap, key averages, and a retracement level. Looking at the momentum, we expect these hurdles to be surpassed quite soon. At this moment, it is ideal to focus on a stock-specific approach; because many new themes are likely to get unfolded. For index trades, one should prefer dips as an opportunity. Monday’s low around 17300 should be considered as immediate support, whereas strong support base shifts towards the bullish gap left around 17200-17150,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.
Nifty decisive move above 17500 may induce strong directional upmove
“Nifty trend for the short term remains positive as Nifty closed well above the support level of 17200 on Monday. The bulls are going to have the upper hand as long as the Nifty remains above 17200. On the higher end, 17500 is likely to act as crucial resistance for the Nifty. A decisive move above 17500 may induce a strong directional upmove,” said Rupak De, Senior Technical Analyst at LKP Securities.
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Nifty immediate short-term target placed at 17500
“After a sharp up move in the previous couple of trading sessions, consolidation is a healthy sign and also provides an opportunity to enter for those who have missed out. The hourly momentum indicator has triggered a negative crossover which is a sell signal. Considering that prices are trading around a hurdle level and the momentum indicator triggering a negative crossover can lead to consolidation. Overall, the uptrend is intact and this consolidation should be used as an opportunity to initiate fresh longs. On the upside, the immediate short-term target is placed at 17500,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.
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Bank Nifty outlook
Bank Nifty first support at 40843 and then 40667
Bank Nifty sell on the rise around 41000-41200 with a stop loss at 41450 and a target of 40000. Bank Nifty first support at 40843 and then 40667 while resistance at 41123 and 41227, according to Rahul Sharma, JM Financial.
Bank Nifty immediate resistance visible at 41000
“Bank Nifty has been outperforming the Nifty for the last few days; however, the week started with a controlled positivity as the traders remained low ahead of the MPC meeting. The trend will remain positive as long as the index sustains above 40000. On the higher end, immediate resistance is visible at 41000; above 41000 the index may move towards 42000 over the short term,” said Rupak De, Senior Technical Analyst at LKP Securities.
