Published on 14/01/2020 10:53:14 AM | Source: Angel Broking Pvt Ltd

Nifty registered yet another record high beyond Friday’s high of 12311.20 - Angel Broking

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

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Sensex (41860) / Nifty (12330)

Second half of the week gone by was excellent for the Bulls; because we not only managed to defend key supports in the midst of a global uncertainty but also went on to rebound sharply at record highs. The stage was set for a strong opening and inline with this, we had a gap up opening to kick start the new trading week. In the opening ticks itself, Nifty registered yet another record high beyond Friday’s high of 12311.20. Barring few ticks thereafter, Nifty managed to trade convincingly above the 12300 mark to end the session at the highest point ever by adding nearly six tenths of a percent to the bulls’ kitty.

Yesterday, throughout the day, Nifty managed to maintain its positive posture strongly; courtesy to stellar move in IT giant, Infosys post its quarterly numbers. Hence, the sheer outperformance was seen in benchmark as compared to other high beta index BankNifty. Looking at the overall development, we maintain our positive stance and expect the northward trajectory to continue towards next milestone of 12400 – 12500 in coming days. On the flipside, 12296 followed by 12260 would now be seen as immediate support zone.

Undoubtedly, the IT index had to do well considering the strong move from Infosys. Apart from this, few other pockets kept buzzing; but our focus is mainly on Midcap index which we have tracking since few days. The broader market is likely to continue its run and hence as a trader, it’s advisable to concentrate on such potential candidates.


Nifty Bank Outlook - (32178)

BankNifty started the week on a positive note and then consolidated in a range yesterday to end the day with gains of a quarter of a percent.

During last week, we had seen a v-shaped recovery in the banking space along with the broader markets which has led to a resumption of the uptrend post a minor corrective phase. The trend still continues to be positive and hence, traders are advised to continue to trade with a positive bias. The intraday support for the index is placed in the range 32000-31900 whereas resistance is seen around 32300-32400.


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