Nifty outlook, Bank Nifty outlook today, Friday, 2 June 2023; check support, resistance

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade in green amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 88 points or 0.48% higher at 18,652 in today’s early morning trade. Asian markets were trading in green – Hong Kong’s Hang Seng jumped 2.71%, China’s Shanghai Composite index rose 0.37%, Asia Dow soared 1.61%, South Korea’s KOSPI zoomed 0.94% and Japan’s Nikkei 225 surged 0.79%. The US market ended the overnight session in green – Dow Jones Industrial Average (DJIA) rose 0.47%, S&P 500 climbed 0.99% and the tech-heavy Nasdaq skyrocketed 1.28%. On Thursday, the NSE Nifty 50 slipped 46.65 points or 0.25% settling at 18,487.75 and BSE Sensex tumbled 193.70 points or 0.31% to 62,428.54. In sectoral indices, Bank Nifty tanked 337.95 points or 0.77% to 43,790.20, Nifty Financial Service fell 0.63% while Nifty Pharma jumped 1.06%, Nifty PSU Bank rose 0.59% and Nifty Realty surged 0.98%. 

NSE Nifty 50 Outlook

NSE Nifty 50 first support at 18527 and then 18484

NSE Nifty 50 first support at 18527 and then 18484 while resistance at 18636 and then 18702, according to Rahul Sharma, JM Financial.

Nifty remains in uptrend with support at 18150

“Nifty remains in an uptrend with trend support placed at 18150. As long as the index maintains this level we expect the uptrend to continue towards 18800-19000. For the short term, we are looking at 18400-18450 as a support zone. Select commodity stocks look interesting from value and risk perspective while frontline IT stocks are expected to underperform in the near term,” said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.

Nifty may rebound from 18450-18400 and regain 18600-18700

“Nifty current prices are situated at crucial support levels around 18450-18400. If there is any improvement in the global situation, the market ideally should rebound from these levels and regain 18600-18700 and higher in the near term. However, breaching this support zone would shift the focus to the 20-day exponential moving average (20EMA), which previously served as strong support during the last correction, now acting as a critical level at 18300,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.

Nifty hurdle zone placed at 18600–18660

“Nifty is testing the breakout it witnessed from the range of 18000–18400 during the previous week. The daily momentum indicator has a positive crossover and thus this dip should be used as a buying opportunity. Overall, we continue to maintain our positive outlook on the index for a target of 18800 from a short-term perspective. In terms of levels, 18460–18420 shall act as the crucial support zone while the hurdle zone is placed at 18600–18660,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Nifty may fall to 18000 if it breaches 18281

“The critical support level for the Nifty to watch is at 18281. If the index drops below this level, it could trigger significant selling pressure and potentially push the Nifty towards the psychological level of 18000. On the upside, the Nifty faces significant hurdles at the 18664 level,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Weak sentiment likely to continue as long as Nifty trades below 18575

“On daily charts, the Nifty has formed a bearish candle and has also formed a lower top formation on intraday charts which is broadly negative. For the traders, as long as the index is trading below 18575, the weak sentiment is likely to continue. Below the same, the Nifty could slip till 18400-18375. On the flip side, above 18575/the index could rally till 18625-18650,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Market will continue to buy on dips until 18300 is not surpassed

“The positional view remains positive, and the market will continue to buy on dips until the critical support level of 18300 on the downside is not surpassed. The volume profile indicates index has strong support around the 18300-18400 zone.  Coming to the OI Data, on the call side, the highest OI was observed at 18600 followed by 18500 strike prices while on the put side, the highest OI is at 18400 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.

Bank Nifty Outlook

Bank Nifty first support 43797 and then 43615

Bank Nifty first support 43797 and then 43615 and the resistance at 44226 and then 44473, according to Rahul Sharma, JM Financial.

“On Thursday, Bank Nifty was down by 0.77% and settled at 43790.20. Bank Nifty has support at 43400-43500 while resistance is placed at 44000,” said Deven Mehata, Equity Research Analyst at Choice Broking

Bank Nifty may witness downside move towards 43500-43200

“After making an all-time high Bank Nifty witnessed a profit booking for two consecutive days, the index has closed below the window, where we can expect profit booking to continue in the coming days. Now, if it remains below the 43800 zone then it may witness a downside move towards the 43500 and 43200 zones while resistance exists at 44190 and 44400 levels on the upside,” said Kunal Kamble, Sr. Technical Analyst at Bonanza Portfolio Ltd.

Bank Nifty may fall to 43500-43400 if it sustains below 44000

“Bank Nifty observed selling pressure from the resistance zone around 44200, suggesting that sellers were active at that level. If the index sustains below the level of 44000, it could indicate further downside potential. In such a scenario, the index may witness a decline toward the support zone around 43500-43400,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.