GIFT Nifty was 0.34% lower during Friday’s early trading session at 19,317, indicating an opening in the red for domestic indices NSE Nifty 50 and BSE Sensex. On Thursday, domestic benchmarks NSE Nifty 50 and BSE Sensex ended in negative territory. The Sensex closed down by 0.6% at 65,151.02, while the Nifty 50 shed 100 points to finish at 19,365.25.
NSE Nifty 50 Outlook
Nifty 50 sees selling pressure near 19480
“The market is consistently facing selling pressure near the 19,480 level while regularly taking support near 19,320. In addition, on daily charts, the index has formed a bearish inside candle which indicates that non-directional activity is likely to continue in the near future. We are of the view that, 19,320 could be the sacrosanct support zone for the market, below which, the index could slip till 19,250-19,200,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.
Nifty 50 trend choppy
“The short term trend of Nifty remains choppy with weak bias. There is a possibility of a downside breakout of the key lower support around 19,300-19,250 levels in the short term and that could possibly drag Nifty down to another support of 19,100-19,000 levels in the near term. Any rise from here could find strong hurdles at 19,600 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Bank Nifty Outlook
Bank Nifty falls for sixth session
“Bank Nifty has closed in the negative for the sixth consecutive trading session. It has reached the 20-week moving average (43,800) and hence the fall may not be severe from current levels. The trend is still negative however oversold and we can observe divergence on the hourly charts which indicates that a pullback is possible over the next few trading sessions. The pullback can stretch higher till 44,400 – 44,500,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty maintains 100 DMA support
“The Bank Nifty index displayed resilience by maintaining the support level of 43,600, which aligns with its 100-day moving average (100 DMA). This support zone becomes crucial for adopting a buy-on-dip strategy.A key resistance level at 44,200 awaits, and surpassing it could trigger short-covering and a potential move towards the 45,000 level,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.