Key Points
Technical analysts have identified 19,500 as the immediate support for the Nifty, with a subsequent swing low support at 19,330...
They caution if this support is breached, there is a likelihood that the index could further decline towards the range of 19,000 to 18,900 in the coming weeks..
This months low at 19,330 will be a crucial level, which, if broken, we could see an extension of this correction towards 19,000- 18,900 in the next few weeks...
One should watch the Nifty Midcap100 index closely, as a breakdown below 39,500 can lead to a broader market correction...
The coming week will be quite interesting since the index is at a crucial support while the FIIs long-short ratio in the index future is approaching the oversold zone of 20%...
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Nifty to undergo consolidation in 18500-18000 range; Bank Nifty near overbought zone, gained 12% in 7 weeks
15, May, 23Nifty 50 has managed to retrace its 12 week decline (18,252-16,828) in just six weeks. The index is expected to go through a healthy consolidation.
Nifty may head towards 17600, Bank Nifty support at 39600; SBI, HUL in focus, Nifty IT, Auto to lead rally
03, Apr, 23Nifty to resolve higher and head towards 17600 as it is a confluence of 200 days EMA coincided with the upper band of the falling channel and the implicated target of consolidation breakout (17200-16800).
Nifty may extend consolidation in 17500-17800 range; Bank Nifty support placed at 41200 level
24, Apr, 23Bank Nifty continues to outperform the Nifty. The Bank Nifty/Nifty ratio line continues to trend higher and sustains above the major breakout area signalling an extended period of outperformance.
Nifty could take a breather but may resume uptrend towards 18100; Bank Nifty support seen at 41200
17, Apr, 23Nifty closed the week at 17828 levels up 1.3%. Broader markets relatively outperformed as Nifty Midcap and Small cap indices gained 1.75% and 1.5%, respectively.
Index Outlook: Nifty 50, Sensex likely to bounce back
23, Apr, 23The Indian benchmark indices, the Sensex and Nifty 50, fell sharply last week thereby snapping their three-week rally. Both the indices were down over a per cent each last week. However, last week’s fall has not made any disruption on the charts. The overall picture is still bullish.
Nifty Bank falls for 8th day in a row; crucial support placed at 46,000: Experts
19, Mar, 24IndusInd Bank, PNB, Bank of Baroda and AU Small Finance Bank were the top losers while some buying was seen in Kotak Mahindra Bank, ICICI Bank and HDFC Bank. The selling pressure pushed the Nifty Bank below the 50-DMA placed at 46,488 on a closing basis.
IT largecap stocks not in overbought zone after Friday’s rally: Anand James
14, Jan, 24Largecap IT stocks, including Infosys and Tech Mahindra, have not yet reached overbought levels despite recent gains. Smallcap stocks have seen the most visible gains in the last year. Traders should be cautious as the earnings season begins, as history suggests a high chance of a monthly close in the red when entering the season at record peaks. Recent CPI readings from the US have prompted traders to reduce bets on Fed's rate cuts. The next fortnight could see objectives of 22240 and 22400, with a downside marker at 21790.
Nifty Bank falls for 6th day; support seen at 46,000 levels: Experts
18, Mar, 24It is the longest losing streak for the Nifty Bank since October 2023. The index fell 18 points to close at 46,575.
Ravi Nathani recommends to buy IT, FMCG stocks on dips; Avoid metals
14, Mar, 23With an view to capitalize on a potential technical bounce the technical analyst advises traders to adopt a buying strategy near the support price
Nifty Bank falls over 1%; immediate support placed around 47,000: Experts
11, Mar, 24The Nifty Bank fell over 1% on Monday as traders preferred to book profits at higher levels. The index fell more than 500 points to close at 47,327 while the Nifty50 was down 160 points to close the session at 22,332.