GIFT Nifty was 0.06% lower during Monday’s early trading session at 19,318.5, indicating a flat opening for domestic indices NSE Nifty 50 and BSE Sensex. On Friday, domestic benchmarks NSE Nifty 50 and BSE Sensex ended in negative territory. The Sensex closed down by 0.31% at 64,948.66, while the Nifty 50 shed 55 points to finish at 19,310.15.
NSE Nifty 50 Outlook
Nifty 50 hurdle around 20 EMA
“Though we are seeing resilience in select pockets, we feel it is prudent to book some profits off the table and maintain a few shorts also. On the index front, Nifty would face the first hurdle around 20 EMA, which currently lies around 19,500 levels. And, we are eyeing 19,100 levels to act as the next crucial support,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
Nifty 50 trades range-bound
“The short term trend of Nifty continues to be weak with range bound action. There is a possibility of downside breakout of the immediate support of 19,250 levels and the Nifty could slide down to another base area of 19,100-19,000 levels in the near term. Any upside bounce could find resistance around 19,400 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
Bank Nifty Outlook
Bank Nifty falls for seventh session
“Bank Nifty has continued with its losing streak and closed in the negative for the seventh 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 however it needs to be confirmed by the price. Until the Bank Nifty trades below 44,000, we can expect the weakness to continue. On the downside, it can slip towards 43,500,” said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas.
Bank Nifty faces resistance at 44k
“The Bank Nifty index is persistently encountering resistance at the 44,000 level, where the call side holds the highest open interest.The lower end of the support is noticeable around 43,600, which aligns with the presence of the 100-day moving average (DMA). If this support level is breached, it could trigger additional selling pressure in the market. A break on either side will lead to trending moves,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.