Nifty outlook, Bank Nifty outlook today, Friday, 14 July 2023; check support, resistance

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may open in green amid mostly positive global cues. The GIFT Nifty futures traded 10 points or 0.05% lower at 19,548 in early morning trade. Asian markets were trading mostly in green – China’s Shanghai Composite Index dipped 0.05%, South Korea’s KOSPI jumped 1.32%, Hong Kong’s Hang Seng rose 0.24%, Japan’s Nikkei 225 gained 0.04%, and Asia Dow advanced 0.44%. The US market ended Thursday’s session in green – Dow Jones Industrial Average (DJIA) rose 0.14%, S&P 500 surged 0.85% and the tech-heavy Nasdaq soared 1.58%. On Thursday, the Nifty 50 advanced 29.45 points or 0.15% to 19,413.75 and the Sensex gained 164.99 points or 0.25% to 65,558.89. In sectoral indices, Bank Nifty rose 0.06%, Nifty IT jumped 1.75%, Nifty Realty soared 1.02% while Nifty Auto fell 0.68%, Nifty Pharma tumbled 0.43%, Nifty PSU Bank tanked 2.38% and Nifty Oil & Gas plunged 1.17%.

NSE Nifty 50 Outlook

Nifty closure above 19500 could trigger rally towards 19600-19650

“Nifty indicators still showcase overbought sentiments, but the bulls are resilient in letting loose their grip. As far as levels are concerned, an authoritative closure above 19500 could only trigger the next leg of the rally towards 19600-19650. On the flip side, a series of support zone could be seen from 19350-19300 on an immediate basis, while the sacrosanct support lies at the bullish gap of 19200-19235,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One Ltd.

Nifty trend appears to be sideways in short term

“Nifty reached a new record high of 19567 but couldn’t hold on due to selling pressure, resulting in a significant decline by the end of the day. It exhibited high volatility throughout. The daily Relative Strength Index (RSI) indicated a bearish crossover. Currently, the trend appears to be sideways in the short term. Support is expected at 19300, while resistance is seen at 19600,” said Rupak De, Senior Technical analyst at LKP Securities.

Nifty likely to consolidate in range of 19300-19570

“Nifty is likely to consolidate in the range of 19300 – 19570 and until this range is decisively breached on either side we can expect the sideways price action to continue. Overall, the trend is positive, and Nifty is undergoing time-wise correction. The crucial support zone stands at 19360 – 19320 while the resistance zone is placed at 19550 – 19570,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Bank Nifty Outlook

Bank Nifty to target 45000

“Bank Nifty continued to correct and traded in a downward-sloping channel. It has now reached the lower end of that channel and also the  50% Fibonacci retracement level (44600) which should attract buying interest. We expect the Bank Nifty to start recovering as it has now reached a crucial support zone. On the upside initially, we expect it to target 45000,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Bank Nifty to remain rangebound in near term

“Bank Nifty is seen to be making bearish candles consecutively since the last five days on the daily timeframe after rejecting from its resistance zones of 45000; it has closed above a very crucial support zone of 44600 as selling pressure deepened in the second half yesterday. The trend for the coming week can be considered as rangebound till the time the range of 44600-45100 is broken on either side. The resistance is at around 44900, 45000 and the support is at around 44600, 44500. Technical indicator RSI is at around 55 whereas the 200 EMA is at 41858,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.

Bank Nifty may see further correction and slip below 44000

“On the daily chart, the range of 44500 – 44400 represents a robust confluence area, characterized by the previous breakout level, the 20-day Simple Moving Average (SMA), and a key retracement level. We maintain our viewpoint that if the bulls want to stage a comeback, this support level would ideally be the pivotal point. However, if breached, we may witness further price correction in the near term, potentially reaching levels below 44000. On the other hand, there is a cluster of resistance around yesterday’s high of 45200, and the bulls must surpass this level on a sustained basis to regain momentum, potentially driving prices towards the all-time high levels of 45655 and beyond,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.