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Published on 17/05/2019 10:41:28 AM | Source: Angel Broking Pvt Ltd

Bank Nifty has oscillated in a broad range of 29050-28525 - Angel Broking

Posted in Market Outlook| #Market Outlook #Angel Broking Pvt Ltd

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Sensex (37393) / Nifty (11257)

Wednesday’s tail end correction was followed by a mildly bullish start amid mixed global cues. The index then went into a consolidation mode for the major part of the day. However, as we have been highlighting since last few days, the penultimate hour has become so crucial for our market and yesterday too it followed its recent pattern. The real momentum and trended move triggered at the stroke of the penultimate hour and then with some wild swings (due to weekly derivative expiry), index managed to give a sharp rally to conclude the expiry with some hopes and smile in traders’ fraternity.

Last few days have been terrible for market participants; but yesterday, finally there was some opportunity for traders and the way it’s closed, it has brought back wide smiles on many faces. Considering the mega event lined up on Thursday and the results of exit polls over the weekend are going to influence price action in the forthcoming week and probably in today’s session as well. As far as levels are concerned, we have closed near an intraday hurdle of 11280 - 11300; but looking at yesterday’s late surge, a possibility of surpassing and then extending this move towards 11360 – 11400 cannot be ruled out. Traders should keep a tab on this and on the flipside, 11200 followed by 11143 would now be seen as key support levels.

Yesterday’s move was mainly initiated by heavyweight IT counters and the Pharma basket that had a stellar recovery after their early morning nosedive. Then in the latter half, other biggies like banks and auto pockets joined hands to fuel this rally. Not to forget, midcap universe has been showing resilience since last three days, had a decent recovery to indicate further relief move in many beaten down counters.

 

Nifty Bank Outlook - (28855)

In yesterday's session, the Nifty Bank index traded in a narrow range for most part of the day. However, the weekly expiry session saw buying momentum in the last couple of hours and the index rallied higher to end with gains of over eight-tenths of a percent. In last four trading sessions, Bank Nifty has oscillated in a broad range of 29050-28525. However, the 89EMA has acted as decent support as buying momentum has been seen in this consolidation around it. In near term, a breakout beyond the above-mentioned levels could lead to some directional move and hence, traders should prefer to trade in the direction of the breakout. The immediate support for the index is placed at 28550-28500 whereas resistances are seen around 29050 and 29200.

 

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