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Published on 20/09/2019 10:21:17 AM | Source: Angel Broking Pvt Ltd

On the higher side, the immediate resistance for the index is now seen around 27100-27175. - Angel Broking

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

Sensex (36094) / Nifty (10705)

In line with mixed global cues our markets started on a flat note, however, Index immediately started witnessing selling pressure and within the first few minutes itself broke previous two session’s support of 10800. Subsequently, the undertone remained weak as Index continued to slide lower throughout the session and eventually ended with deep cuts of 1.25% tad above 10700 levels

In the last four sessions of this week, Nifty has already erased around 400 points and has now reached the lower boundary of the last six weeks trading range. During this week we have witnessed Index breaking crucial supports with ease and the momentum is strongly gripped by bears. Having said that one needs to be cautious on their aggressive shorts position with Index approaching last month’s swing low at 10637 followed by double bottom formed in January - February at 10585 levels. On the flip side, every bounce are getting sold into and with the continuous selloff, the resistance levels are getting lower; the immediate resistance is now placed around 10790 followed by 10885. Quite surprising, individual stocks from the midcap basket are continuously outperforming in this falling markets and hence traders are repeatedly advised to focus on such propositions with proper exit setup.

 

Nifty Bank Outlook - (26758)

The Nifty bank index opened on a flat note yesterday. However, with open high same, the index started correcting right from word go which continued throughout the session to end with a loss of over 400 points. In the last three sessions, the index has corrected by more than 1000 points which indicates a complete control by the bears. Now, the index is approaching the swing low support range of 26640-26560. It would be crucial to watch how the index behaves here as we have seen a pullback move from this support a couple of times in last one month. As of now, traders are still advised to stay light on positions and focus on stock specific moves. On the higher side, the immediate resistance for the index is now seen around 27100-27175.

 

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