[ad_1]
The stock market today is expected to see benchmark indices NSE Nifty 50 and BSE Sensex trading in the green on Futures and Options (F&O) expiry day amid positive global cues. The NSE Nifty 50’s futures were trading higher by 33 points or 0.18% at 18,265 in early morning trade, while Asian markets were trading higher with Hong Kong’s Hang Seng rising 0.78%, China’s Shanghai Composite index climbing 0.58%, South Korea’s KOSPI up 0.47%, and Japan’s Nikkei 225 jumping 1.24%. The US market ended its overnight session in the green with Dow Jones Industrial Average (DJIA) jumping 1.24%, S&P 500 surging 1.19%, and the tech-heavy Nasdaq soaring 1.28%.
However, on Wednesday, the NSE Nifty 50 tumbled 104.75 points or 0.57% to 18,181.75, and the BSE Sensex dipped 371.83 points or 0.60% to 61,560.64. In sectoral indices, Bank Nifty fell 205 points or 0.47% to 43,698.70, Nifty IT tanked 273.05 points or 0.97% to 27,942.95, and Nifty Realty plunged 6.30 points or 1.33% to 465.80.
Experts have given differing outlooks for the NSE Nifty 50 and Bank Nifty. Rahul Sharma, JM Financial, said that Nifty’s first support is at 18100 and then 17950, while resistance is at 18225 and then 18325. Meanwhile, Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd., said that a cascade of selling towards the 17837 mark may unfold if Nifty breaches a crucial support level at 18211, indicating further downward movement ahead.
Other experts gave mixed assessments. Rupak De, Senior Technical Analyst at LKP Securities, said that a post-correction pullback may take the Nifty back to 18300, where bears might re-enter the market. Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd., said that Nifty has breached the crucial support level of 18250 but could find support at 18100-18050. Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas, said that the uptrend is intact as long as the Nifty manages to stay above 18100. Rohan Shah, head technical analyst at Stoxbox, said that Nifty may rise until it surpasses 18460. Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd, said that Nifty may consolidate over the next few days before a fresh leg of the rally starts.
As for Bank Nifty, Rahul Sharma said that its first support is at 43487 and then 43231, and resistance is at 43977 and then 44211. Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said that a break above 44000 will resume the up move, while support stands at 43500 and a break below this will accelerate the down move. Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd., said that Bank Nifty is trading with a sideways to negative trend, but the undertone remains bullish as long as it holds the levels of 43450. The support is placed at 43600, 43500, and 43350, while resistance is at 43800, 44000, and 44200.
[ad_2]
Source link