Stock Market Today: Gift Nifty Down 69 Pts; Key Levels For Nifty, Sensex & Nifty Bank

Indian benchmark indices are apt to unfastened little connected Wednesday aft India struck aggregate panic camps successful Pakistan and Pakistan-occupied-Kashmir (POK). However, nan Nifty futures made a decent betterment from lows amid immoderate affirmative world cues but a gap-down opening is apt connected nan cards.

Nifty futures connected nan NSE International Exchange traded 68.40 points, aliases 0.28 per cent, little astatine 24,363, hinting astatine a antagonistic commencement for nan home marketplace connected Wednesday. Asian stocks roseate connected Wednesday arsenic investors welcomed news of a gathering betwixt apical US and Chinese waste and acquisition officials. Hang Seng, Shanghai and KOSPI were trading higher.

Market volatility was further aggravated by escalating geopolitical tensions betwixt India and Pakistan, coupled pinch uncertainty surrounding nan US Federal Reserve’s upcoming liking complaint decision, said Siddhartha Khemka, Head of Research astatine Motilal Oswal Financial Services. "Progress connected nan US waste and acquisition woody could supply near-term support to nan markets," he said.

Wall Street stocks fell connected Tuesday arsenic investors grew disappointment pinch nan deficiency of US waste and acquisition deals and awaited nan US Fed's policy. The Dow Jones Industrial Average fell 0.95 per cent to 40,829, nan S&P 500 declined 0.77 per cent to 5,606.91, and nan Nasdaq Composite tanked 0.87 per cent to 17,689.66.

The Indian rupee declined against nan US dollar successful nan non-deliverable guardant (NDF) marketplace connected Wednesday, aft Indian equipped forces deed aggregate sites successful Pakistan and Pakistan-occupied Jammu and Kashmir. The dollar roseate a small spot amid nan affirmative developments connected waste and acquisition talk, which bodes good for nan greenback.

Oil prices roseate connected Wednesday connected signs of weakening accumulation successful nan US and higher request successful Europe and China arsenic buyers emerged aft prices fell to caller lows earlier successful nan week. Brent crude futures gained 0.6 per cent to $62.52 a barrel, while US West Texas Intermediate crude was astatine $59.53 a barrel, up 0.74 per cent.

Prashanth Tapse, Senior VP (Research) astatine Mehta Equities said that anemic world marketplace cues measurement connected marketplace sentiments. Investors proceed to support be aware amid worries complete nan skirmishes connected nan Indo-Pak border, while falling crude lipid prices bespeak that a slowing world system going up will deed demand, he said.

Provisional information disposable pinch NSE propose that FPIs turned nett buyers of home stocks to nan tune of Rs 3,794.52 crore connected Tuesday. On nan different hand, home organization investors (DIIs) turned nett sellers  of Indian equities to nan tune of Rs 1,397.68 crore.

The home marketplace has been consolidating, driven by cautious sentiment amid India-Pakistan separator tensions. Weak net maturation for nan existent 4th has further impacted nan market, said Vinod Nair, Head of Research astatine Geojit Investments. "Investors are intimately monitoring India's bilateral waste and acquisition negotiations pinch nan US," he said.

Nifty outlook
As agelong arsenic nan marketplace is trading beneath 24,500/81,000, nan anemic sentiment is apt to continue. On nan little side, nan marketplace could retest nan level of 24,250/80,300, said Shrikant Chouhan, Head Equity Research, Kotak Securities. "Further downside whitethorn besides continue, which could resistance nan scale down to 24,175/80,000. On nan different side, a dismissal of 24,500/81,000 could push nan marketplace up to 24,580-24,625/81,300-81,400," he said.

Nifty is poised to retest nan little extremity 24,100 of nan broader range. The regular momentum parameter has triggered a antagonistic crossover which is simply a motion of weakness from a short word perspective, said  Jatin Gedia , Technical Research Analyst astatine Mirae Asset Sharekhan. "Thus, considering nan supra parameters we alteration our outlook connected nan Nifty to scope bound betwixt 24600 – 24100."

Nifty Bank outlook
The caller correction tin beryllium attributed to mean reversion, arsenic nan scale faced guidance adjacent nan precocious Bollinger Band connected nan regular chart, said Om Mehra, Technical Research Analyst astatine SAMCO Securities.

"The adjacent important support lies adjacent nan 38.2 percent retracement level, astir 53,400, which besides coincides pinch nan 20-Day elemental moving mean and adds spot to this zone. However, nan superior inclination remains bullish. The existent diminution appears to beryllium a normal correction," it said.
 

Bank Nifty is seen consolidating successful a 2,000 points scope successful nan past 9 sessions aft nan caller beardown rally of 11 per cent successful nan preceding 6 sessions, said Bajaj Broking. "We expect it to widen nan consolidation successful nan scope of 54,000-56,000, On nan downside, cardinal support is seen betwixt 54,000-53,500 levels being nan erstwhile breakout area and nan erstwhile awesome spread area."