In Stock market today Sensex and Nifty ended marginally lower; PSU Bank shines

Stock Market Nifty Chart Prediction.

Certainly, it appears that the Nifty opened with a positive outlook but was unable to sustain the gains throughout the day. It eventually slipped into negative territory and closed lower. Analyzing the daily charts, it’s evident that the Nifty has undergone a counter-trend pullback over the past three trading sessions. During this period, it encountered resistance around the 20-day moving average, which was at 19,645, and the 61.82% Fibonacci retracement level of the fall from 19,795 to 19,296, which was at 19,605.

Furthermore, technical indicators provide additional insight into the market’s direction. The hourly momentum indicator has signaled a negative crossover, typically interpreted as a sell signal. The daily momentum indicator was already in the sell mode, further confirming a bearish outlook for the index. Given these observations, the analyst maintains a negative stance on the Nifty’s performance. The short-term target for the Nifty is anticipated to be around the 19,100 level.

Turning to the Bank Nifty, it closed in positive territory but was unable to surpass the 40-hour moving average. This suggests the presence of selling pressure in the market. The Bank Nifty’s trading range for the day remained within the boundaries established during the previous trading session, spanning from 44,520 to 45,120.

As long as the Bank Nifty remains within this range without breaching its extremes, the analyst expects the consolidation to persist. The daily momentum indicator has signaled a negative crossover, aligning with a sell signal. Therefore, the current pullback in the Bank Nifty is being viewed as an opportunity to sell. From a short-term perspective, the analyst anticipates a downside target of around 44,000.

Prediction For Wednesday NIFTY can open Flat but all depend upon the Global cues.

There are good chances of flat opening for Wednesday as NIFTY is near its important level of 19600.Today also nifty has closed flat to slight negative. After giving flat opening, it may move to the level of 19700 on upside or 19500 on downside. But all these aspects depend upon the Global cues.

Nifty Support and Resistance

Bank Nifty Daily Chart Prediction

Prediction For Wednesday Bank NIFTY can open Flat but all depend upon the Global cues.

Today, BANK NIFTY was strong today as compared to nifty it was in range for hole day with more volatility. Today bank nifty has closed in green near its critical level of 45000 which has made bank nifty uncertain again it will be interesting to see where bank nifty goes can it give upward breakout or downward breakdown.

Bank Nifty Support and Resistance

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