Indices: Stock market update: Nifty Bank index advances 0.08% in a weak market
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NEW DELHI: The Nifty Bank index traded positive around 10:24AM(IST)on Wednesday in a weak market.Punjab National Bank(up 1.12 per cent), Federal Bank Ltd.(up 0.74 per cent), IDFC First Bank Ltd.(up 0.66 per cent), Au Small Finance Bank Ltd.(up 0.57 per cent) and Canara Bank(up 0.47 per cent) were among the top gainers.Bank of Baroda(down 0.64 per cent), IndusInd Bank Ltd.(down 0.44 per cent), Axis Bank Ltd.(down 0.23 per cent) and ICICI Bank Ltd.(down 0.15 per cent) were the top losers on the index.The Nifty Bank index was up 0.08 per cent at 54314.0 at the time of writing this report.Benchmark NSE Nifty50 index was down 48.9 points at 24330.7, while the BSE Sensex was down 149.88 points at 80491.19.Among the 50 stocks in the Nifty index, 17 were trading in the green, while 33 were in the red.Shares of Vodafone Idea, YES Bank, Suzlon Energy, Reliance Power and Welspun India were among the most traded shares on the NSE.Shares of BSE, Reliance Naval & Engg, Cura Tech, Bharti Airtel(PP)and Anupam Rasayan India hit their fresh 52-week highs in today's trade, while Setubandhan Infra, Godha Cabcon & Insul, GI Engineering, AGS Transact Tech and Gujarat Lease hit fresh 52-week lows in trade.
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Here's what to expect from Sensex, Nifty 50 and Bank Nifty today: Sensex breached the crucial support level of 82,000, and post-breakdown, the selling pressure intensified. On daily charts, it has formed a long bearish candle, which supports further weakness from the current levels. 'We are of the view that the short-term market texture is weak, but a fresh selloff is possible only after the dismissal of 81,500 or below the 20-day SMA (Simple Moving Average). Below this level, Sensex could slip to 81,100 - 81,000. On the other hand, above 81,800, we could expect a quick intraday pullback rally up to 82,000 - 82,150,' said Shrikant Chouhan, Head Equity Research, Kotak Securities. Nifty Open Interest (OI) data shows the highest concentration on the call side at the 25,000 and 25,200 strike prices, indicating strong resistance at these levels. On the put side, significant OI build-up is observed at the 24,800 and 24,700 strike prices, marking these as key support zones, said Hardik Matalia, Derivative Analyst at Choice Broking. Nifty 50 ended the session at 24,888.20, down 1.01%, snapping recent gains and forming a strong bearish candle. 'Nifty 50 index faced rejection near the 25,200 zone and slipped below the 9-EMA, though it continues to hold around the 20-Day SMA. This marks a pause in the ongoing uptrend, hinting at possible consolidation or mild profit booking ahead. The higher highs and higher lows remain intact on the broader time frame, but the bearish engulfing pattern raises near-term caution,' said Om Mehra, Technical Research Analyst, SAMCO Securities. The RSI has dropped from 60 to 55, indicating a decline in momentum. The Average True Range (ATR) has risen slightly, indicating an increase in intraday volatility, he added. According to Mehra, the immediate support for Nifty 50 remains at 24,800; a break beneath this zone could invite a sharper slide, whereas 25,100 remains a formidable ceiling on the upside. Dr. Praveen Dwarakanath, Vice President of said that the Nifty 50 has formed a bearish candle with a spinning top type candle near its resistance of 25,200 level, indicating weakness in the index. 'The index took support at the 24,800 level and recovered from its intraday low. However, the weakness in the index was very significant. A closing well below the Upper Bollinger band is considered to be a weakness in the index. The momentum indicators are also dropping down from the over-bought region adding to the weakness in the index to continue. The RSI negative divergence near the resistance of 25,200, suggests a likely fall towards the immediate support at 24,500 levels,' said Dwarakanath. VLA Ambala, Co-Founder of Stock Market Today expects Nifty 50 to find support between 24,750 and 24,670 and meet resistance near 25,020 to 25,100 in today's intraday session. Bank Nifty index declined 377.20 points, or 0.67%, to close at 56,082.55 on Thursday, extending a corrective decline for the third session in a row as it formed a bear candle with a lower high and lower low highlighting continuation of profit booking after recent strong up move. 'Bank Nifty posted breakout above the recent 5 week broader consolidation range of 56,000 - 53,500 and rallied to a fresh all time high this week. However, profit booking at higher levels saw the index give up its gains and closed Thursday session around the recent breakout area of 56,000. Bank Nifty index is currently trading above its short- and long-term moving averages signaling overall positive bias,' said Bajaj Broking Research. The last four sessions profit booking have helped the index to cool off the overbought condition. The brokerage firm expects the index to hold above the support area of 55,200 - 55,500 and head higher towards 57,000 and 57,700 levels in the coming weeks. Om Mehra noted that the Bank Nifty index saw mild profit booking, pulling back towards the 20-Day SMA, which now acts as immediate support. However, the primary trend remains intact as the price holds well above the medium-term moving averages. 'The RSI has slipped to 58 from higher zones, suggesting some cooling in the momentum, while still staying above neutral territory. The ADX stands at 26, and a slight dip in the +DI line suggests short-term exhaustion. The index is currently hovering near the previous breakout zone of 56,000 – 56,200. A sustained breach below this zone could open the gates for further downside towards the next support at 55,300,' said Mehra. On the upside, 56,700 continues to pose immediate resistance. Currently, caution is warranted, as a break below 55,300 may weaken the trend and shift the near-term outlook to negative, he added. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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