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Published on 25/06/2019 10:04:39 AM | Source: Angel Broking Pvt Ltd

The Index to resume the uptrend and a breakout above the range of 30765 –30825 - Angel Broking

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

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Sensex (39123) / Nifty (11700)

Tracking  the  mixed  cues  from  the  Asian  peers,  our  markets started the weekon a flat note. The index then consolidated in a  range  throughout  the  day  and  ended  around  the 11700mark.

As  mentioned  in  our  previous  report,  the  Nifty  seem  to  have formed  a  support  base  in  the  range  of 11630-11591as  we had witnessed buying emerging in this range during last week. Last  two  trading  sessions  have  retraced  some  of  the  recent gains and if we analyze the lower time frame charts, the index has  retraced  about  78.60%  of  the  previous  up  move  around yesterday's low of 11670. Today's move could be crucial as a follow   up   buying   could   lead   to   a   near   team   positive momentum   towards 11820-11850.   Hence,   traders   are advised to avoid taking contra bets and trade with a positive bias till the earlier mentioned support is intact.

Amongst  the  sectoral  indices,  Bank  Nifty  has  indicated  some outperformance  in  last  few  trading  sessions.  Hence,  stocks from this sector along with some quality midcaps are likely to give some decent moves in near term.

 

Nifty Bank Outlook -(30602)

Bank Nifty Index too started on a flat note yesterday and after a  session  of  consolidation  ended  with  minor  loss  tad  above 30600mark.

The  trading  activity  was  mostly  within  theprevious  session trading  range  and  technically  not  much  has  changed  on  the daily  chart.  On  the  lower  time  frame  hourly  chart,  we  are witnessing  that  Index  after  forming  a  strong  base  around 30200mark  is  now  witnessing  resistance  on  a  falling  trend line. Going forward, we sense the Index to resume the uptrend and  a  breakout  above  the  range  of 30765 –30825can confirm the same. Hence, traders are advised to avoid contra bets as long Index holds the base level of 30200mark.

 

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