Published on 20/08/2019 10:14:08 AM | Source: Angel Broking Pvt Ltd

Nifty Bank index started the week with a minor gap up opening - Angel Broking

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


Now Get news on WhatsApp. Click Here To Know More

Sensex (37402) / Nifty (11054)

The set up was just perfect for our markets to have a head start for the new trading week. In line with cheerful global peers, our markets started higher and then extended this lead in the first half. Things started to look hunky dory and all of a sudden, Nifty started correcting after posting a high of 11146.90. In fact, the selling augmented in the penultimate hour to pare down all losses to conclude the day on a flat note.

Markets have shown some encouraging signs in last couple of days and yesterday too things started to look glittery. But considering recent dejected mood, markets faced strong selling pressure at higher levels and left the charts clueless at the end. However, having said that, we still like to remain a bit hopeful as long as a crucial support of 10900 is not violated. We continue with the similar kind of commentary and expect the index to reattempt testing of 11130 – 11180. As of now, it’s just anticipation, but a beginning of a healthy relief rally would only be confirmed after surpassing 11180 on a sustainable basis. In this scenario, 11250 – 11350 becomes the next resistance zone for the index. On the lower side, 11037 followed by 11000 would be seen as immediate supports.

At this juncture, traders are advised to adopt a stock specific approach and try to avoid taking undue risks.


Nifty Bank Outlook - (28186)

The Nifty Bank index started the week with a minor gap up opening. However, post consolidating in a range for most part of the day, it gave up the gains in the last hour of the trade and ended with a minor loss.

In last few sessions, the index has oscillated in a broad range wherein the range of 27400-27600 has acted as a support whereas 28400-28600 has acted as a resistance zone. Even in yesterday's session, the index corrected from the mentioned resistance zone. Overall, the daily chart still resembles a corrective phase and hence, a breakout beyond the above mentioned boundaries will indicate the next directional move. Traders are advised to focus on stock specific movements until we see a breakout beyond these levels.


To Read Complete Report & Disclaimer Click Here

Click here to open demat account


Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer