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Published on 6/12/2018 10:25:00 AM | Source: Angel Broking Pvt Ltd

Nifty may again go back to test 10900 – 10940 levels - Angel Broking

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

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Sensex (35884) / Nifty (10783)

We had a gap down opening on the back of massive sell off seen in US bourses overnight. This had a rub off effect in all other global peers and we too remained under pressure right from the word go. Post the opening, Nifty slipped into a consolidation mode ahead of the RBI monetary policy. Some volatility was seen after the announcement but eventually Nifty settled tad below the 10800 mark.

With yesterday’s correction, the gap area created on November 29 has been filled completely and hence, going ahead, 10747 would be seen as a crucial support for our market. As long as Nifty stay above it, there is no reason to worry for. However, a sustainable breach of this level would result into extended correction in the market. Hence, traders should take a note of it and should position themselves accordingly. On the upside, we may see resumption of upward move once Nifty stays above yesterday’s high of 10821. In this scenario, the Nifty may again go back to test 10900 – 10940 levels.

Yesterday, we saw broad based selling in the market and hence, one needs to be light on positions and should avoid taking undue risks.

Nifty Bank Outlook - (26520)

The Nifty Bank index too opened gap down yesterday following the negative global cues. However, the index then traded in a narrow range. The announcement of the outcome of the RBI policy meet too did not have any significant impact in the last hour as it was much on the expected lines. The index eventually ended the day tad above the 26500 mark, registering a loss of 0.65 percent. Yesterday's low in the Nifty Bank index is around the '89 EMA' support on the hourly chart. Hence, from an intraday perspective, it would be a crucial support to watch. In case the index breaches the low of 26443, then we could see some further downmove during the day. On the flipside, a move above yesterday's gap area of 26645 is required for any probabilities of an upmove. Traders are advised to be vigilant of the mentioned levels and trade accordingly with a proper exit strategy.

 

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