Published on 14/03/2019 10:02:55 AM | Source: Angel Broking Pvt Ltd

Nifty went on to close tad below the 11350 mark by adding nearly four tenths of a percent - Angel Broking

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Sensex (37752) / Nifty (11342)

We once again shrugged off weakness from the global bourses as the benchmark index went on to open higher with nearly one fourth of a percent gains. However, index nosedived in the initial trade to almost retest previous day’s low. Fortunately, this profit booking did not last too long; in fact, index managed to resume its recent uptrend post the mid-session. Eventually, Nifty went on to close tad below the 11350 mark by adding nearly four tenths of a percent.

All three days of the current week went in favor of the bulls. For Nifty, yesterday might be the day of consolidation with a positive bias; but, the real show stealer was high beta banking index who continued its mesmerizing run. Coming back to benchmark index (Nifty), yesterday’s high precisely coincided with our mentioned resistance zone of 11340 – 11360, which is the higher end of the ‘Megaphone’ pattern. No brainer, the undertone still remain bullish; but we reiterate that index has reached the strong resistance zone and hence, we may see a bit of consolidation or mild profit booking in next couple of days. However, by mentioning this, we nowhere advise going short in the market. In our sense, the trend has become obvious and since we are at important junction, we may not see the similar kind of moves in the market.

For the coming session, 11360 followed by 11400 would be seen as immediate hurdles and hence, momentum traders can look to take some money off the table now. Since, the low hanging fruit is already gone; one needs to be very selective while picking up a stock. On the downside, yesterday’s low of 11276 would be seen as a crucial support.


Nifty Bank Outlook - (28884)

As mentioned above the Nifty Bank Index continues with its mesmerizing run as it added another percent and a half to the bulls kitty to end at 28884. The Nifty Bank Index is trading in an unchartered territory and has gained almost 2000 points from the start of the March series. The bias remains positive however the hourly indicators are placed in overbought zone. Traders are hence advised to be selective in stock picking and use dips to enter longs. As far as levels are concerned 28750/28610 is immediate support whereas 29000/29152 is immediate resistance zone.


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