Nifty and Bank Nifty Today: Nifty first support is placed at 17070 and then 16951 and resistance is seen at 17258 and 17328. Bank Nifty first support placed at 39365, and then 38896 and resistance at 40075 and then 40317.
Stock Market Today, Nifty, Bank Nifty: Nifty and Sensex may trade lower on Monday amid negative global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 103 pts or 0.60% lower at 17,058.50 in the early morning trade. Asian markets were trading mostly in red with Japan’s Nikkei 225 falling 0.66%, Hong Kong’s Hang Seng tanking 1.65%, South Korea’s KOSPI dipping 0.09% while China’s Shanghai Composite index rose 0.33%. The US market ended Friday’s session broadly in red with major indices falling over 1%. The Dow Jones Industrial Average tanked 1.19%, S&P .500 sank 1.10% and the tech-heavy Nasdaq plunged 0.74%. On Friday, the NSE Nifty 50 rose 114.45 pts or 0.67% to 17,100.05 and BSE Sensex surged 355.06 pts or 0.62% to 57,989.90. In sectoral indices, Bank Nifty climbed 465.50 pts or 1.19% to 39,598.10, Nifty IT surged 1.18%, Nifty Auto fell 0.48%, Nifty PSU Bank was up 0.83% and Nifty Metal skyrocketed 2.23%.
Nifty outlook:
Nifty first support at 17070 and then 16951
Nifty first support is placed at 17070 and then 16951 and resistance is seen at 17258 and 17328, according to Rahul Sharma, JM Financial.
“If Nifty manages to hold 17100, then there is scope for a short-covering rally towards the 17250 and 17440 levels. On the downside, 17000 will be the first support level, while 16800 is a critical support level,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Nifty immediate hurdle around 17200-17250
“The Nifty’s recent swing low of 16900-16850 is likely to act as the sheet anchor’s role, and it is highly anticipated that the dip would augur well for the bulls. On the flip side, the 17200-17250 is the immediate hurdle, followed by the sturdy wall of 200 SMA placed around the 17400-17450 odd zone,” said Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One Ltd.
Nifty may move towards 17500–17600, if it holds above 17250
“A Doji pattern followed by a recovery candle on the daily chart indicates the possibility of a bullish reversal. On the higher end, immediate resistance is placed at 17250, where the bears might try to return to the market. However, if bulls take the Nifty above 17250, the index may move towards 17500–17600. On the lower end, support remains intact at 16950,” said Rupak De, Senior Technical Analyst at LKP Securities.
Bank Nifty outlook:
Bank Nifty first support at 39365 and then 38896
Bank Nifty first support placed at 39365, and then 38896 and resistance at 40075 and then 40317, according to Rahul Sharma, JM Financial.
Bank Nifty short-covering move expected towards the 40000-40500
“Bank Nifty formed a kind of spinning bottom candlestick formation near the important support level of 38700 and managed to sustain above the 39400 level. Now we can expect a short-covering move towards the 40000 and 40500 levels. On the downside, 38700–38500 is a strong demand zone,” said Pravesh Gour, Senior Technical Analyst, Swastika Investmart Ltd.
Bank Nifty may witness pullback rally towards 40000 if it holds 39000
“The Bank Nifty index witnessed a sharp recovery from the lowest levels and the index formed a morning star pattern on the daily chart. The index if it manages to hold the support of 39,000 on the downside can witness a pullback rally towards 40,000. A sustained move above 40,000 will open up room for a big rally toward the 41,000 level,” said Kunal Shah, Senior Technical Analyst at LKP Securities.
Source:financialexpress.com