Nifty outlook, Bank Nifty outlook today, Friday, 19 May 2023; check support, resistance

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain volatile amid mixed global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 18 points or 0.10% higher at 18,196.5 in today’s early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng tanked 1.31%, China’s Shanghai Composite index plunged 0.65%, South Korea’s KOSPI climbed 0.48% and Japan’s Nikkei 225 jumped 1%. The US market ended the overnight session broadly in green – Dow Jones Industrial Average (DJIA) jumped 0.34%, S&P 500 surged 0.94% and the tech-heavy Nasdaq soared 1.51%. On Thursday, the NSE Nifty 50 fell 51.8 points or 0.28% to 18,129.95 and BSE Sensex dipped 128 points or 0.21% to 61,431.74. In sectoral indices, Bank Nifty rose 53.6 points or 0.12% to 43,752.3, Nifty Auto fell 0.88%, Nifty FMCG tanked 1.10%, Nifty Pharma plunged 1.27%, Nifty PSU Bank tumbled dropped 1.90%, Nifty Oil & Gas decreased 1.10% and Nifty Realty tumbled 2.37%.

NSE Nifty 50 Outlook

Nifty support at 18100 and then 17950

“Volatility was at its best as Nifty swung wildly during the day with no rise in IVs or India VIX. Nifty held on to the support of 18100. Expect Nifty to bounce back if 18100 support is not broken. Buy on dip around 18000. Nifty first support at 18100 and then 17950 while resistance at 18200 and then 18300,” according to Rahul Sharma, JM Financial.

Nifty key resistance levels to consider are 18350

“In the NSE Nifty 50 index, the crucial levels to monitor closely are 18,100 and 18,000, as they hold significant importance. On the upside, the key resistance levels to consider are 18,350. Presently, Nifty is facing selling pressure, leading to profit booking. Traders should exercise caution while initiating substantial long positions as the current market indicators lack clarity and strength,” said Ameya Ranadive, Equity Research Analyst at Choice Broking.

Nifty range of consolidation is 18400–18000

“Going ahead 18300–18350 shall act as a stiff resistance. On the way down the Nifty is approaching the crucial support of 18079 which coincides with the 20-day moving average and below that lies the psychological support level of 18000. The daily momentum indicator has a negative crossover which is a sell signal. Thus, considering the above we have changed our outlook to sideways and the range of consolidation is 18400–18000,” said  Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Nifty could retest level of 18280-18300

“Nifty has formed a lower top formation on intraday charts and has also formed a bearish candle on daily charts which is broadly negative. The market texture is weak and the 20-day SMA (Simple Moving Average) or 18050 would be the immediate support zone for the bulls. On the other hand, 18200 could act as an immediate resistance zone for the traders, above which the index could retest the level of 18280-18300,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Bank Nifty Outlook

Bank Nifty first support at 43661 and then 43514

Bank Nifty is expected to change gears above 44080 while 43450 is crucial support for bulls. First support at 43661 and then 43514 while resistance at 44006 and then 44205, according to Rahul Sharma, JM Financial.

Bank Nifty expected to trade in 43500-44100 range

“Nifty Bank became vulnerable once SBI announced its quarterly numbers which augmented the pressure. However, Bank Nifty continues to trade above its 10DEMA implying fresh downside is expected to be seen once it closes below 43500 levels. Till then it is expected to trade in the 43500-44100 range,” said Gaurav Bissa, VP – InCred Equities.

Bank Nifty resistance at 43850, 44000 and 44200

“Bank Nifty is seen to be trading with a sideways to negative trend from the last three days and closed flat but the undertone remains bullish as long as it holds the levels of 43500 as put writers are fiercely active on 43500 and 43000 and call writers are active on 43800 and 44000. Technical indicator RSI is at around 64 and is showing strength by sustaining above 50 levels. Support placed at 43700, 43500 and 43000 while resistance at 43850, 44000 and 44200,” said  Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.