Nifty outlook, Bank Nifty outlook today, Friday, 7 July 2023; check support, resistance

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may remain under pressure on Friday amid negative global cues. The GIFT Nifty futures were trading 61 points or 0.31% lower at 19,488. Asian markets were trading in red – China’s Shanghai Composite Index plunged 0.39%, South Korea’s KOSPI fell 1.19%, Japan’s Nikkei 225 tumbled 0.61%, Asia Dow tanked 1% and Hong Kong’s Hang Seng sank 1.12%. The US market ended the overnight session in red – Dow Jones Industrial Average (DJIA) tanked 1.07%, S&P 500 sank 0.79% and the tech-heavy Nasdaq tumbled 0.82%. On Thursday, the NSE Nifty 50 surged 98.80 points or 0.51% to close at 19,497.30 and BSE Sensex jumped 339.60 points or 0.52% to 65,785.64. In sectoral indices, Bank Nifty soared 188.10 points or 0.42% to 45,339.90, Nifty Auto gained 1.12%, Nifty Pharma rose 0.72% and Nifty Realty surged 2.25%. 

NSE Nifty 50 Outlook

Nifty strong support base at 19200-19000

“As we move forward, it is advisable to enjoy this run without becoming complacent and to focus on risk management. Buying on intraday dips and using upside levels to secure profits is considered an ideal strategy. Immediate support levels are expected to be around 19420-19300, while a strong support base is observed at the 19200-19000 zone. On the other hand, the next resistance level in uncharted territory is anticipated to be around 19650-19700,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.

Nifty upward target revised to 19900

“The hourly momentum indicator has a negative crossover which is a concern because in the absence of support from the momentum indicator it may be unable to sustain at higher levels. Overall, the trending moves are resuming and slowly it is inching higher. We revise the target upwards to 19900. In terms of levels, 19300-19270 shall act as a crucial support zone while 19650-19670 shall act as a crucial resistance zone,” said  Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Nifty/Sensex could see correction till 19325-19300/65150-65000

“Nifty 50 and Sensex have formed a bullish candle and on intraday charts it is holding higher bottom formation that also support further uptrend from the current levels. For the trend-following traders now, 19375/65350 would be the sacrosanct support level. Above this, the market could rally till 19575-19625/66000-66100. On the flip side, below 19375/65350 uptrend would be vulnerable. Below the same, we could see a quick one intraday correction till 19325-19300/65150-65000,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

Bank Nifty Outlook

Bank Nifty consolidation range likely to be 45000-45600

“Bank Nifty continued to trade within a range (45000-45660) for the third consecutive day. Overall, the Bank Nifty is in consolidation mode after a sharp run-up. The hourly momentum indicator has a negative crossover and negative divergence which indicates a loss of momentum on the upside. Overall, the range of consolidation is likely to be 45000-45600,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Bank Nifty resistance at 45300-45500; support at 45000-45100

“Bank Nifty is seen to be making a bullish candlestick after multiple doji candles on the daily timeframe amidst weekly expiry, which shows the bulls are in control and are willing to buy from support levels. The resistance is at around 45300, 45500 and the support is at around 45000, 45100. Till the time Bank Nifty is trading above 44900 every dip is likely to get absorbed. Technical indicator RSI is at around 69 whereas the 200 EMA is at 41709,” Mitesh Karwa, Research Analyst at Bonanza Portfolio.