Nifty outlook, Bank Nifty outlook today, Friday, 26 May 2023; check support, resistance

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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 64 points or 0.35% lower at 18,403 in today’s early morning trade. Asian markets were trading mixed – Hong Kong’s Hang Seng tanked 1.93%, China’s Shanghai Composite index dipped 0.30%, South Korea’s KOSPI rose 0.10% and Japan’s Nikkei 225 jumped 0.68%. The US market ended the overnight session mostly in green – Dow Jones Industrial Average (DJIA) fell 0.11%, S&P 500 rose 0.88% and the tech-heavy Nasdaq jumped 1.71%. On Thursday, the Nifty ended near the day’s high, rising 35.75 points or 0.20% to 18,321.15 and BSE Sensex rose 98.84 points or 0.16% to 61,872.62. In sectoral indices, Bank Nifty ended flat at 43,681.40, Nifty FMCG rose 0.61%, Nifty Metal climbed 0.30%, Nifty Realty jumped 1.12% and Nifty PSU Bank fell 0.45%.

NSE Nifty 50 Outlook

Nifty first support at 18246 and then 18191

NSE Nifty 50 first support at 18246 and then 18191 while resistance at 18375 and then 18450, according to Rahul Sharma, JM Financial.

Nifty could retest the level of 18400-18450

“Nifty formed a bullish candle on daily charts which supports a further uptrend from the current levels. We are of the view that 20-day SMA or 18220 would be the sacrosanct support zone for the bulls. Above the same, the index could retest the level of 18400-18450. On the flip side, below 20-day SMA or 18220 uptrend would be vulnerable. Below the same, the market could slip till 18150-18100,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Market will continue to buy on dips until Nifty’s 18050 level is not surpassed

“The general picture is positive, and the market will continue to buy on dips until the Nifty’s critical support level of 18050 on the downside is not surpassed. The volume profile indicates Index has strong support around the 18100-18200 zone. Coming to the OI Data, on the call side, the highest OI was observed at 18400 followed by 18500 strike prices while on the put side, the highest OI is at 18200 strike price,” said Deven Mehata, Equity Research Analyst at Choice Broking.

Expect waterfall of selling towards 18000 if Nifty breaches 18181

“Nifty is expected to aim its major hurdles at the 18473 mark. Nifty’s biggest support to watch is at 18181. Only below 18181, expect a waterfall of selling towards Nifty’s psychological 18000 mark,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Nifty needs to sustain break above 18400–18450

“For the momentum to continue, Nifty needs to sustain a break above 18400–18450 levels. A move beyond these levels would end this consolidation phase and trigger momentum towards new highs for the coming month. On the flip side, 18200 is a significant level, as it coincides with the 20-day exponential moving average (EMA),” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.

Nifty close above 18400-18450 could trigger next leg of the rally

“We saw a strong recovery from lower levels indicating overall strength in the market. We continue to expect a gradual up-move in the benchmark indices led by support-based buying. A Nifty close above 18400-18450 zones could trigger the next leg of the rally in markets,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Nifty uptrend expected to continue until 18040 is not breached

“Nifty remains in an uptrend with trend support placed at 18040. As long as the index maintains this level we expect the uptrend to continue. A breach could infuse volatility and we would watch out for further directional clarity. On the higher side resistance is seen at 18500 levels. Select energy and media stocks look interesting,” said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.

Nifty immediate hurdle at 18420–18450

“The daily Bollinger bands are contracting which indicates a contraction of range and also suggests that there could be rangebound price action over the next few trading sessions. Overall, we still believe that the Nifty is in a consolidation mode and the range of consolidation is likely to be 18000–18400. In terms of levels, 18420–18450 shall act as the immediate hurdle while 18200–18180 is the crucial support zone to watch out for on the downside,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Bank Nifty Outlook

Bank Nifty first support at 43585 and then 43464

Bank Nifty first support at 43585 and then 43464 while resistance at 43920 and then 44135, according to Rahul Sharma, JM Financial.

Bank Nifty resistance placed at 44150

“Bank Nifty has support at 43350-43500 while resistance is placed at 44150 which is also close to all-time high levels,” said Deven Mehata, Equity Research Analyst at Choice Broking.

Bank Nifty undertone remains bullish as long as it holds 43500

“Till the time Bank Nifty breaks the 44050-44100 resistance and 44650-44700 support range it is expected to remain sideways due to the indecisive nature of the index. The undertone remains bullish as long as Bank Nifty holds the levels of 43500 as put writers are fiercely active on 43500 and 43000 and call writers are active on 44500 and 44000. Buy-on-dip strategy can be implemented for the coming week for targets of an all-time high if it closes above 44050,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.

Bank Nifty may move higher if it breaks 44000

“Bank Nifty managed to hold the support of 43400. This is a positive sign for the bulls, as it shows that there is still demand for the index at this level. The resistance is at 44000, where the highest open interest is built up on the call side. This means that there is a lot of potentials for the index to move higher if it can break through this resistance level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.


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