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

financialexpress.com:

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.

“We believe that the Nifty is in the process of consolidation after a sharp runup and this consolidation forms a floor for the next leg of up move. Over the next few trading sessions, we expect the Nifty to consolidate in the range of 19500–19300 and a dip towards the 19300 should be used as a buying opportunity. Overall, the uptrend is intact, and we expect levels of 19500. In terms of levels, 19300–19270 shall act as a crucial support zone while 19450–19500 shall act as a crucial resistance zone,” said Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.

“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