Sensex (28301) / Nifty (8778)
A weak session on Wednesday was followed by a flat opening in our market amid mixed global cues. Subsequently, the index slipped slightly towards Wednesday’s low. However, as mentioned in the previous report, 8715 acted as a rock solid support and as a result, we witnessed a decent recovery in the second half to end the session with 0.61% gains.
Fortunately, yesterday, we did not extend Wednesday’s corrective move and it was on our expected lines as we did not get carried away by this pessimism. But, still, the Nifty needs to surpass the 8820 mark on a closing basis to confirm the resumption of uptrend. Until then this consolidation phase remains intact. We maintain our directionally positive bias on the market and hence, would advise to use all dips to create positional longs in the market. For the coming session, support levels remains at 8715 – 8670. On the upside, 8784 – 8820 is seen as immediate resistance zone. It’s advisable to keep following stock centric approach in order to fetch decent returns.
Nifty Bank Outlook - (20244)
Yesterday, post the gap up opening of around 80 points, the Nifty Bank index started falling from initial trades. But, the corrective move was short livened as the banking index started rebounding after initial hour of correction. Then, the Nifty Bank index made a high around 20300 levels and eventually ended the session with gains of 0.40 percent over its previous close.
We witnessed one more day of a sideways movement. The ongoing consolidation of last few days after a sharp rally of 2850 points in just 30 trading sessions is good for the index. Thus, traders should not get carried away with intraday corrections and are advised to trade on stock specific moves with proper risk management. At current juncture, strong support for the Nifty Bank index is placed around 20000 and 19800 levels; whereas resistances are seen around 20370 and 20465.
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