Share Market outlook today: Nifty, Bank Nifty near all-time highs; check support, resistance

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The SGX Nifty recorded a 0.20% gain during Friday’s early trading session, with a value of 19,188.5 indicating a positive opening for domestic indices NSE Nifty 50 and BSE Sensex. Benchmark indices NSE Nifty 50 and BSE Sensex were closed for trading on Thursday on account of the Bakri Eid holiday. However, on Wednesday, the indices climbed to fresh highs, with Nifty surpassing the 19,000 level and Sensex climbing above 64,000.

The Dow and the S&P 500 rose on Thursday as bank shares rallied after major lenders cleared the Federal Reserve’s annual stress test, while strong economic data stoked expectations of further interest rate hikes from the central bank. S&P 500 gained 0.46%, the Nasdaq Composite settled flat, and the Dow Jones Industrial Average rose 0.79%. 

Shares in the Asia-Pacific region were trading in the mixed on Friday. China’s Shanghai Composite gained 0.4% in trade, while Japan’s Nikkei 225 fell 0.58%. Hong Kong’s Hang Seng index gained 0.49% while South Korea’s Kospi was higher by 0.32%. The Taiwan Weighted index recorded a loss of 0.64%.

NSE Nifty 50 Outlook

Nifty 50 charts indicating further upward momentum

“The index displayed a breakout formation and a bullish candle, indicating further upward momentum. Traders will closely watch the 18,900 level as a trend decider. Above this level, the index could rally towards 19,100-19,150. Caution is advised below 18,900, with traders considering exiting long positions. Analysts remain optimistic, emphasizing the importance of monitoring support and resistance levels,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities. 

Nifty should maintain 19,000

“It is of utmost importance for the Nifty to sustain levels around 18,870, as it was regarded as a crucial breakout point during the preceding week. To incite further short covering at the 19,000 strike price, the Nifty must overcome the barrier and firmly maintain the 19,000 mark,” said Ameya Ranadive, Equity Research Analyst, Choice Broking.

Nifty resistance seen at 19,100

“The mood is upbeat in the market after a strong closing today. The support for Nifty now shifts to 18,900 zones. On the upside, 19,100 will now act as an immediate hurdle for the Index. The option activity at 19,000 Strike will set the tone for future cues as we step into the July series expiry on Friday,” said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

Nifty 50 support at 18,800

“It’s finally a reality now and if the global market supports further, we may see Nifty entering the next cluster around 19,250 – 19,500. Before this, 19,050 – 19,150 are the immediate levels to watch out for. On the flipside, the base has now shifted higher towards 18,700 – 18,600 which should be considered as a sacrosanct support zone. On an immediate basis, 18,850 – 18,800 is likely to provide cushion in case of any intraday blip in the market. Traders are advised to stay upbeat and should focus on beaten down pockets now, which may offer better trading opportunities in next few days,” said Sameet Chavan, Head Research, Technical and Derivatives, Angel One.

Bank Nifty Outlook

Bank Nifty resistance at 44,500

Bank Nifty took resistance around the 44,500 zones and closed at 44,328, up 206 points. The maximum call open interest is placed at 44,500 Strike, which will act as a strong resistance for Bank Nifty. A strong close above 44,500 is likely to trigger a fresh rally in Bank Nifty,” said Ashwin Ramani, Derivatives & Technical Analyst, SAMCO Securities.

Bank Nifty witnessing bullish momentum

“The Bank Nifty index experienced a strong bullish momentum as the bulls maintained control and pushed the index higher throughout the day. The previous resistance level of 44,000 has now transformed into a strong support level, providing a cushion for the bulls. On the upside, the immediate hurdle is now at 44,500, where call writing is visible. Once this level is surpassed, it is likely to lead to further upside towards the 45,000 mark. Traders and investors should adopt a buy approach, using the mentioned support level as a stop loss and waiting for higher levels to be achieved,” said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities.


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