Where is share market headed after Nifty closes below 19400, Bank Nifty under 45160; check support, resistance

Where is share market headed after Nifty closes below 19400, Bank Nifty under 45160; check support, resistance

Benchmark indices NSE Nifty 50 and BSE Sensex ended Wednesday’s session on a flat note. The NSE Nifty 50 dipped 9.5 points or 0.05% to 19,398.50 and BSE Sensex fell 33.01 points or 0.05% to 65,446.04. In sectoral indices, Bank Nifty tumbled 149.65 points or 0.33% to 45,151.80, Nifty Auto jumped 1.64%, Nifty FMCG surged 1.82% and Nifty PSU Bank soared 1%. The top gainers on Nifty 50 were Bajaj Auto, Divis Lab, HDFC Life, Maruti Suzuki and HeroMotocorp while the losers were HDFC Bank, HDFC, Eicher Motors, UPL and Tata Consumer Products.

“Global worries along with moderation in Service PMI data briefly impacted the domestic market’s rally. Heightened trade tensions between the US and China, coupled with uncertainties surrounding the upcoming release of FOMC minutes, tested the risk appetite of global investors. However, the market’s last-minute broad-based recovery serves as a reaffirmation of investors’ confidence in the Indian economy,” said Vinod Nair, Head of Research at Geojit Financial Services.

Bank Nifty range of consolidation likely to be 45000-45600

“Bank Nifty witnessed subdued price action on the back of weakness in HDFC BANK. Overall, the Bank Nifty is in consolidation mode after a sharp run-up. The hourly momentum indicator has a negative crossover and negative divergence which indicates a loss of momentum on the upside. Overall, the range of consolidation is likely to be 45000-45600,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.