Sensex (37123) / Nifty (11003)
The way we concluded previous week on Friday, market was all set to have a gap up opening on Monday to surpass the major hurdle of 11150-11180. But, due to Saudi oil attacks over the weekend, crude oil prices spiked up more than 10% which spooked traders across the globe. We being the crude oil sensitive economy could not be spared with it. The week started off lower and minor attempt of recovery eventually got sold into to end the session tad above the 11000 mark.
Last week some hopes started to build for some steady relief in the market but this geopolitical development over the weekend seemed to have dented this possibility. But having said that we still remain hopeful as long as 10900 is defended successfully. For the day, 11050 is the level to watch out for in the upward direction. A move beyond this would attract fresh buyers to push the index towards 11100-11140 levels. On the lower side, 10960 followed by 10900 remains to be a strong support zone. At this juncture, traders are advised not to create aggressive positions, rather keep concentrating on individual stocks and keep a tab of above-mentioned levels as well.
Nifty Bank Outlook - (27855)
On the back of negative global cues, the Nifty Bank index too started the week with a gap down opening. However, the index then consolidated within the previous sessions range and ended with a loss about nine-tenths of a percent.
The heavyweights from the banking space witnessed some consolidation in yesterday's session. However, there are no signs of any reversal of the trend and this should just be considered as a minor correction within an uptrend. Traders should look for buying oportunities in such intermediate corrections and focus on stock specific moves. The immediate support for BankNifty is placed in the range of 27720-27640 whereas resistances are seen around 28130 and 28280.
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