Sensex (29422) / Nifty (9136)
It's been a quiet day for our markets with a mildly positive bias. However, we witnessed a decent buying interest in the broader market and as a result, the Nifty eventually closed with four-tenth of a percent.
Clearly, Nifty has stuck in a range of 100 points, which we believe is a part of near term consolidation phase. Due to yesterday's small range, no key level has been violated and hence, we would reiterate the trading range of 9060 - 9160 for the index. Going forward, 9160 – 9225 would be seen as a strong intraday resistance zone; whereas, intraday support is placed at 9100 and 9060 levels. Traders are advised to keep following stock specific moves.
Nifty Bank Outlook - (21491)
Yesterday, the Nifty Bank index opened with a downside gap of more than half a percent on back of negative opening of Banking conglomerate ICICI Bank. However, the banking index showed some strength from lower levels and eventually ended the session with loss of 0.30 percent over its previous close.
Recently, we have often referred the '20 DEMA' as a crucial support for the Nifty Bank index as the index has not closed below the same since 6th Jan 2017. Once again, the mentioned moving average showed its significance as the Nifty Bank index opened around the same in yesterday’s session and rebounded piercingly. Considering the above support level, we are not expecting any sharp correction in the index in near term. Infact, positional traders should use prices close to the support as buying opportunities as the risk reward would then be more favorable. The intraday support for the Nifty Bank index is placed in the range of 21396-21300; whereas resistances are seen around 21634 and 21706.
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