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Sensex (40780) / Nifty (12018)
On Wednesday, we had a strong last hour surge in our market, which probably was the reflection of hopes built for yet another rate cut by RBI. In line with this, the market was trading with a positive bias ahead of the monetary policy; but ‘Status Quo’ from RBI clearly disappointed market participants and as a result, the Nifty gave up all gains and slipped into a negative territory. The most sensitive index, Bank Nifty tumbled from morning highs and remained under pressure thereafter. Eventually, the day ended with some cuts on benchmark indices as well as the broader market.
Yesterday’s intraday correction was quite evident after such unexpected outcome, but fortunately the impact was not as severe as it’s generally seen after a disappointment. That’s a sign of a strong uptrend and going ahead, we continue to remain upbeat on the market as long as the sacrosanct support zone of 11930 – 11883 remains intact. On the upside, 12080 – 12120 are the immediate levels to watch out for. Traders are advised to be with the larger trend and should ideally refrain from taking contradictory bets against the major direction on a positional basis.
Nifty Daily Chart
Nifty Bank Outlook - (31713)
Yesterday, Bank Nifty Index started with a gap up opening however it lacked follow up move and traded in a range before the RBI policy announcement. Post the announcement the bank index witnessed a sharp fall which was followed by intraday recovery. Subsequently, the bank index again witnessed sell-off in the last hour and ended with a loss of 0.83% at 31713.
Since the last few sessions, the Bank Nifty Index is trading in a range above the previous swing high around 31600 levels. Technically, there are no signs of weakness and the bias remains positive. Traders are advised to focus on individual counters from the banking space which are providing better trading opportunities. As far as levels are concerned, immediate support is placed around 31600-31444 whereas resistance is placed around 32000-32160 levels.
Nifty Bank Daily Chart
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