Published on 17/03/2017 9:05:20 AM | Source: Angel Broking Pvt Ltd

The Nifty near-term supports for the index are placed around 21060 and 20876 - Angel Broking

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


Sensex (29586) / Nifty (9154)

Yesterday's session opened with more than half a percent upside gap in line with cheerful global markets after US Federal reserve announced the 25bps rate hike on Wednesday. As a result, our markets hit new all time high to close the session well above the 9100 mark for the first time ever.

For the second time in last three sessions, our markets opened with decent upside gap to post record highs in our markets. Although, the intraday trading range was very narrow, we witnessed tremendous buying interest in individual stocks. Going forward, we would expect this optimism to continue in the market and expect the Nifty to keep marching higher, first towards 9200 and then towards our near term target of 9400 - 9600 (price extension of previous up move from recent low of 7893.80) over the next few weeks. On the downside, yesterday’s gap area of 9107 - 9129 would act as a strong support zone.

 

Nifty Bank Outlook - (21158)

The Nifty Bank index opened with a positive bias yesterday and traded in a narrow range throughout the session. However, the stock specific momentum within the index was clearly positive and as we had highlighted yesterday, the PSU Banking stocks seem to be gaining positive momentum now. We expect this uptrend to continue and hence advise traders to trade with positive bias. Positionally, we expect the index to rally up to 21882 and 22932, which are the targets as per the reciprocal retracements of the previous corrective move. The near-term supports for the index are placed around 21060 and 20876 whereas resistance is seen in the range of 21377 and 21793.

 

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