Nifty outlook, Bank Nifty outlook today, Thursday, 18 May 2023; check support, resistance

Stock Market Today, Nifty, Bank Nifty: Benchmark indices NSE Nifty 50 and BSE Sensex may trade in green on F&O expiry day amid positive global cues. The Nifty futures on the Singapore Exchange (SGX) were trading 33 points or 0.18% higher at 18,265 in today’s early morning trade. Asian markets were trading higher – Hong Kong’s Hang Seng rose 0.78%, China’s Shanghai Composite index climbed 0.58%, South Korea’s KOSPI was up 0.47% and Japan’s Nikkei 225 jumped 1.24%. The US market ended the overnight session broadly in green – Dow Jones Industrial Average (DJIA) jumped 1.24%, S&P 500 surged 1.19% and the tech-heavy Nasdaq soared 1.28%. On Wednesday, the NSE Nifty 50 tumbled 104.75 points or 0.57% to 18,181.75 and BSE Sensex tanked 371.83 points or 0.60% to 61,560.64. In sectoral indices, Bank Nifty fell 205 points or 0.47% to 43,698.70, Nifty IT tanked 273.05 points or 0.97% to 27,942.95 and Nifty Realty plunged 6.30 points or 1.33% to 465.80.

NSE Nifty 50 Outlook

Nifty first support at 18100 and then 17950

“Profit booking extended yesterday in key indices but it was small caps which continued to do well. VIX did not rise in spite of the correction in the market means the downside should be limited. NSE Nifty 50 has a positive bias above 18225. Nifty first support at 18100 and then 17950 while resistance at 18225 and then 18325,” said Rahul Sharma, JM Financial.

Nifty below 18211, a cascade of selling towards the 17837 may unfold

“NSE Nifty 50 breached a crucial support level at 18211 on Wednesday, indicating further downward movement ahead. Below 18211, a cascade of selling towards the 17837 mark may unfold. However, on the upside, the Nifty encounters formidable obstacles at the 18473 mark. In these uncertain times, caution becomes the prevailing sentiment,” said  Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

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Post-correction pullback may take Nifty back to 18300

“On an immediate basis, a post-correction pullback may take the Nifty back to 18300, where bears might be awaiting to re-enter the market. A rejection from the 18300 may trigger selling pressure once again. Immediate support is visible at 18100,” said Rupak De, Senior Technical Analyst at LKP Securities.

Nifty immediate resistance seen at 18250-18300

“Nifty has breached the crucial support level of 18250 and also formed a bearish candle on daily charts which is largely negative. For traders 18250 and 18300 would act as an immediate resistance area while 18100-18050 could be important support levels for the bulls,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Until Nifty manages to stay above 18100, the uptrend is intact

“Amid the selling pressure the Nifty has managed to hold on to the crucial support level of 18100, until the Nifty manages to stay above this level the uptrend is intact. On the flip side, there are multiple support parameters in the form of the 20-day moving average (18053) and the 38.2% Fibonacci retracement level (18113) of the rise from 17553–18459 are placed which shall provide cushion and restrict a deep correction,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

Nifty expected to rise until it surpasses 18460

“The daily chart’s profit-taking is likely to continue. Above 18460, Nifty might face resistance with immediate support visible at 18100. Therefore,  the index is expected to keep rising in the future until the index surpasses 18,460. On the downside, support lies at 18,100, followed by 18,030 and 18,000,” said Rohan Shah, head technical analyst at Stoxbox.

Nifty may consolidate over the next few days

“Global markets are seeing a selloff as the debt ceiling negotiations continue. Investors remain cautious as the US faces the possibility of defaulting at the start of June. On the domestic front, Nifty is now facing resistance at ~18300, after moving in the last few days. We expect some consolidation over the next few days before a fresh leg of the rally starts,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd.

Bank Nifty Outlook

Bank Nifty first support at 43487 and then 43231

Bank Nifty first support at 43487 and then 43231 and resistance at 43977 and then 44211, according to Rahul Sharma, JM Financial.

Bank Nifty break above 44000 will resume up move

“Bank Nifty continued to face selling pressure from a higher level and the index closed below the level of 44000. The highest open interest on the call side is built up at 44000 Ce stroke and a break above this will resume the up move. The downside support stands at 43500 and a break below this will accelerate the down move,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.

Bank Nifty resistance at 43800, 44000 and 44200

“Bank Nifty is seen to be trading with a sideways to negative trend from the last two days but the undertone remains bullish as long as it holds the levels of 43450 as put writers are fiercely active on 43500 and 43600 and call writers are active on 43800 and 4400. Technical indicator RSI is at around 63 and is showing strength by sustaining above 50 levels. Support placed at 43600, 43500 and 43350 and resistance at 43800, 44000 and 44200,” said Mitesh Karwa, Research Analyst at Bonanza Portfolio Ltd.