Published on 10/01/2018 8:58:59 AM | Source: Angel Broking Pvt Ltd
The intraday supports for the Nifty Bank index are placed around 25600 and 25500 - Angel Broking
Sensex (34443) / Nifty (10637)
Three days of gradual up move was followed by a gap up opening with a small margin. During the opening trades, we saw index coming off a bit after posting a new high of 10659.15. Subsequently, Nifty remained range bound within a range of merely 56 points to eventually conclude at record close by forming a small ‘Doji’ candle.
If we see yesterday’s price action, the Nifty respected our mentioned levels of 10650 in the upward direction and 10588 on the lower side. We continue to see this as an important trading range as we can see index showing some early signs of exhaustion. We have just alluded in above section, the daily chart depicts a ‘Doji’ candle and hence, traders are advised to keep booking profits on index specific longs. One should rather stay on sidelines and wait for further developments to create any sort of index trade. In last few days, we have enjoyed a good run in selective small size midcap counters. This pocket also seems to have drained a bit and thus, one needs to be very selective now while picking any kind of stock specific trade .For the coming session, resistance zone remains at 10650 – 10660 and on the downside, 10603 followed by 10588 would now be seen as crucial supports.
Nifty Bank Outlook - (25704)
In yesterday's trading session, the Nifty Bank index opened on a positive note and made an attempt to breach the resistance zone of 25780-25800 in the opening ticks. However, the index gave up its early gains and consolidated during the day to end the session on a flat note. Citing the recent underperformance in the Nifty Bank index, traders are advised to take a directional bet in the index only on a breakout above the resistance of 25800. Meanwhile, certain stocks within the banking space have been witnessing positive momentum supported with good volumes and hence, we continue with our advice for traders to focus on stock specific moves and trade with a positive bias. The intraday supports for the Nifty Bank index are placed around 25600 and 25500 whereas resistances are seen around 25800 and 25953.
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