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Published on 13/03/2019 9:56:59 AM | Source: Angel Broking Pvt Ltd

Our markets have been overlooking the weakness in the global peers - Angel Broking

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

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Sensex (37536) / Nifty (11301)

Of late, our markets have been overlooking the weakness in the global peers. Yesterday since we had a cheerful mood across the globe, our markets had all reasons to open higher. We kick started the day with decent upside gap and then continued this climb to reach yet another psychological figure of 11300. Barring the initial and the penultimate hour, we witnessed a bit of consolidation in yesterday’s session. But eventually, we managed to close firm by adding over a percent to the bulls’ kitty.

Last Tuesday, the stage was set for the rally and yesterday exactly after a week; the Nifty is very much at the elevated levels by clocking 400 points in such a short span. In fact, last couple of sessions’ has been excellent as we are experiencing flurry of gap up openings. This development has some significance as per the technical study of the market. Last Wednesday, it started with a ‘Breakaway Gap’ as we had a breakout from the crucial hurdle with a gap. In last couple of days, we have seen gap up opening; but yesterday’s leap can perfectly be termed as a ’Runaway Gap’. Such situation happens; when there is sudden rush seen in the middle of any move as most of the traders start having a left out feeling.

The index is now at our mentioned levels of 11300 – 11350 and it has come much sooner than we had anticipated it. Undoubtedly, the trend remains bullish; but since it has reached the higher end of the ‘Megaphone’ pattern, 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 moves in the market. For the coming session, 11340 – 11360 would be seen as immediate hurdle and on the downside, 11264 followed by 11227 is likely to act as a strong support zone.

 

Nifty Bank Outlook - (28444)

The positive momentum continues as once again yesterday Nifty Bank Index witnessed a gap up opening. Subsequently, the bias remained positive throughout the session as the Index ended with gains of 1.71% at 28444.

As anticipated in our previous outlook Nifty Bank Index not only tested the previous swing high @28388 but has convincingly closed above it. The Bank Index is now trading in an uncharted territory and we maintain our advice to remain positive and use dips to go long. As far as levels are concerned 28614/28750 are immediate resistance whereas support is placed around 28142/28000 levels.

 

 

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