Nifty outlook, Bank Nifty outlook today, Tuesday, 30 May 2023; check support, resistance

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex trade in green amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 14 points or 0.07% higher at 18,704 in today’s early morning trade. Asian markets were trading mostly in green – Hong Kong’s Hang Seng rose 0.45%, China’s Shanghai Composite index climbed 0.22%, South Korea’s KOSPI jumped 0.92% while Japan’s Nikkei 225 fell 0.5%. The US market ended the overnight session broadly in green – Dow Jones Industrial Average (DJIA) jumped 1%, S&P 500 surged 1.3% and the tech-heavy Nasdaq skyrocketed 2.19%. On Monday, Nifty made an intraday high of 18,641 and fell over 40 points, settling shy of the 18,600 level, at 18,599, while Sensex ended at 62,834 after breaching the 63,000 level intraday. Sectorally, Bank Nifty hit a fresh record high at 44,483 intraday before tanking 200 points to a record closing high of 44,276.8. Nifty Metal, Nifty Consumer Durables, and Nifty Media added up to 1.32% while Nifty IT declined 0.41%.

NSE Nifty 50 Outlook

Nifty support at 18450-18400

“We anticipate that the NSE Nifty 50 will also follow Bank Nifty and test the all-time high level of 18887.60 and potentially go even higher in the near future. From a technical perspective, we believe that the previous resistance around 18450-18400 will now act as a support level, while the 18780-18900 range will serve as immediate resistance,” said Rajesh Bhosale, Technical Analyst at Angel One Ltd.

Exit long positions if Nifty falls below 18500

“Nifty key support levels for the bulls are 18550 and 18500 while the crucial resistance areas are expected to be 18650-18700. Traders may consider exiting their long positions if the market falls below 18500,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Nifty to target levels of 18800

“We expect the Nifty to target levels of 18800. In terms of levels, 18700–18800 shall act as an immediate hurdle zone while the gap area formed today in the range 18500–18580 shall act as a crucial support zone from a short-term perspective,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP.

Nifty can witness small profit booking

“While the overall texture of Nifty remains strong, it can witness small profit booking on account of the bearish harmonic deep crab pattern that is formed on the hourly charts. This is expected to result in a small profit booking with options data suggesting 18500 is a formidable support on an immediate basis,” said Gaurav Bissa, VP – InCred Equities.

Nifty resistance at 18700, 18800 and 18900

“Nifty has an intermediate support around 18,400, followed by 18,200. Whereas resistance is placed at 18,700, followed by 18,800 and 18,900,” said Rohan Shah, head technical analyst at Stoxbox.

Buy-in dips strategy may continue

“Based on the current market conditions, it is evident that the rally in Indian markets has been fueled by positive developments in Wall Street, specifically the raising of the US debt ceiling. The banking sector has outperformed the market, along with the metals sector. The Nifty has found strong support at 18283, indicating the possibility of further market gains. Seems like buy-in dips may continue,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Nifty may remain within defined range with bullish undertone

“Nifty witnessed an increase in call writing activity at the 18800 level, suggesting a resistance zone, while put writing was observed at the 18600 level, indicating a potential support zone in the near term. Furthermore, the 18500 level is expected to act as a significant support level for the index. These observations suggest that the market may remain within a defined range with a bullish undertone in the coming days,” said Rupak De, Senior Technical at LKP Securities.

Bank Nifty Outlook

Strong outperformance expected by Bank Nifty

“Bank Nifty managed to close firmly above the breakout area suggesting a move towards 45000 is possible to be seen in the coming days. Since Bank Nifty has witnessed fresh breakouts, unlike Nifty, which has been trading considerably above the previous breakouts, one can expect strong outperformance by bank Nifty going forward,” said Gaurav Bissa, VP – InCred Equities.

Bank Nifty resistance at 45000, support at 43500

“Nifty Bank next resistance level on the upside is identified at 45000. In terms of options data, the highest open interest for put options is observed at 43500, suggesting that traders have significant interest in that strike price as a potential support level. On the other hand, the highest open interest for call options is seen at 45000, indicating that traders anticipate potential resistance at that level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Bank Nifty may head towards 45000-46000

“Bank Nifty is witnessing a strong breakout and could see further momentum from hereon and the index can now head towards 45000 to 46000 zones in coming sessions,” said Sandeep Gupta, Senior Grp. VP & Head of Dealing & Advisory – Broking & Distribution, MOFSL.