Published on 15/11/2017 10:31:06 AM | Source: Angel Broking Pvt Ltd
The Nifty Bank index continued with the corrective move in yesterday`s trading session - Angel Broking
Sensex (32942) / Nifty (10187)
For the second straight session, our markets remained under pressure and closed almost at the lowest point of the day. There was only one attempt made to recover in the penultimate hour; but we saw index failing to sustain around the 10220 mark due to decent supply around the hourly ‘200- SMA’.
Yesterday’s corrective move was quite evident after seeing decisive close on Monday below the ’20-day EMA’. The impetus then was provided by the declining ‘RSI-Smoothened’; resulting into a fall below the 10200 mark. Now, as the time passing, we are seeing confirmation of various technical tools that are negatively poised and are hinting towards the extended correction over the next few days. Going ahead, 10223 followed by 10266 would act as a strong resistance and any bounce back in this zone is an opportunity to exit existing longs for the momentum traders. On the flipside, we would see index retesting lower levels of 10123 – 10054 in days to come. Traders are repeatedly advised to stay light on positions and avoid taking undue risks.
As far as sectoral bets are concerned, we remain upbeat on selective IT (especially Midcap IT) names along with some ‘Pharmaceutical’ and ‘Media’ counters.
Nifty Bank Outlook - (25285)
Post a flat opening, the Nifty Bank index continued with the corrective move in yesterday's trading session. Post noon, the index consolidated near its 'Hourly 89EMA' support and ended the session with a minor loss of 0.29 percent.
As far as the index is concerned, the consolidation phase continues in the banking space as the index is witnessing range bound trades with momentum seen on stock specific moves. Intraday and swing traders should hence avoid taking directional beta on the index and rather look for stock specific opportunities. The intraday supports for the Nifty Bank index are placed around 25220 and 25100 whereas resistance is seen in the range of 25400-25450.
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