Share Market outlook today: Nifty, Bank Nifty may to gain on positive global cues; check support, resistance

The SGX Nifty gained 0.46% in trade on Monday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a positive basis.

The SGX Nifty gained 0.46% in trade on Monday morning, signaling that domestic indices NSE Nifty 50 and BSE Sensex would open on a positive basis. Nifty futures were 85 points higher on the Singaporean exchange at 18,714. Nifty 50 and Sensex concluded last Friday’s session in positive territory. Nifty 50 rose 0.25% to 18,534 and Sensex jumped 119 points to 62,547.

The tech-heavy Nasdaq index surged to a 13-month intraday high and posted its sixth-straight week of gains that marked its best winning streak since January 2020 on Friday. The S&P 500 advanced 1.45%, Nasdaq gained 1.07%, while Dow Jones Industrial Average added 2.12%. Shares in the Asia-Pacific region were trading primarily in the green. China’s Shanghai Composite advanced 0.61% in trade, while Japan’s Nikkei 225 jumped 1.75%. Hong Kong’s Hang Seng index gained 0.30% while South Korea’s Kospi added 0.36%. The Taiwan Weighted index edged up 0.28%.

NSE Nifty 50 Outlook

Nifty 50 may see an upside bounce 

“NSE Nifty 50 as per weekly chart formed a small negative candle with minor upper and lower shadow. By considering previous consolidations in the recent past and the negations of such bearish patterns subsequently, one may expect an upside bounce in the market in the coming week. Immediate support is at 18,400-18,300 band and the next upside hurdle is around 18,650-18,850 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

18,500-18,200 key support levels for Nifty 50

“For the Nifty to resume its uptrend, it needs to give a decisive close above 18,600. The call writers were seen strengthening their position at 18,600 during the week, which acted as a strong resistance. For Nifty 50, 18,500 will act as an immediate support while a break below it can take Nifty to 18,200 levels, where its next support is placed,” said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities. 

Nifty 50 to remain range-bound

“The Nifty experienced another session of range bound trading without significant movement. It has been consolidating, or trading within a narrow range, for the past few days. The overall sentiment in the market is expected to remain sideways, indicating a lack of clear direction in the near term,” said Rupak De, Senior Technical, LKP Securities. 

Bank Nifty Outlook

Bank Nifty key level to watch at 44,000

“Bank Nifty, on the other hand, closed marginally above the 13 DEMA on Friday after closing below it a day earlier. For Bank Nifty, 44,000 will act as a make-or-break level. The option activity at 44,000 strike will provide cues about the future direction of the index in the coming week,” said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities. 

Bulls and bears tussle on Bank Nifty index 

“The Bank Nifty index is currently witnessing a fight between the bears and the bulls, indicating a state of indecision in the market. Both sides are actively participating and trying to exert control over the index. The key takeaway is that a break on either side of the support or resistance levels can lead to directional moves in the Bank Nifty index. If the index breaks below the support at 43500, it may signal a bearish move with potential downside momentum. Conversely, if it breaks above the resistance at 44200, it may indicate a bullish move with potential upside momentum,” said Kunal Shah, Senior Technical & Derivative Analyst, LKP Securities.

The SGX Nifty hinted at a start in the green for domestic indices NSE Nifty 50 and BSE Sensex today. Here’s a look at the market outlook as predicted by experts today. 

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