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Published on 8/11/2019 10:27:17 AM | Source: Angel Broking Pvt Ltd

The support for Nifty has now shifted higher around 11850 - Angel Broking

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

Sensex (40654) / Nifty (12012)

The government's announcement of its plan to revive the real estate sector boosted the sentiments of market participants and thus, Nifty opened gap up yesterday above the 12000 mark. However, it traded within a narrow range and ended the session tad above 12000 for the first time in last five months.

After a small consolidation below the hurdle of 12000, the index finally resumed its momentum in yesterday's session. The market breadth too was more in favor of the advances as stocks from broader markets witnessed positive momentum. In the recent past, we have been upbeat on the market and still, it seems that the up move is likely to continue in the near future. Hence, we continue with our advice for traders to trade with a positive bias as the Nifty too is expected to hit new all-time high. With the index resuming its uptrend, the support for Nifty has now shifted higher around 11850. Traders are advised to continue to ride the trend and look for buying opportunities.

 

Nifty Bank Outlook - (30633)

Following the positive momentum from the previous session, Bank Nifty Index started on a positive note. This was followed by an intraday dip however this dip got bought into and after a range bound session, the bank index ended with marginal gains at 30633.

Technically not much has changed and the bank index has sustained well above the trendline resistance. Going ahead, the bias remains positive and we expect the bank index to head towards 31000-31335 in the near term. Traders are hence advised to use dips as a buying opportunity as what we saw yesterday. Immediate support is placed around 30400-30260 levels.

 

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