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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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