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Sensex (38897 ) / Nifty (11597)
Most of the Asian markets were trading with a flat to negative bias before our market open and our indices too witnessed a flat opening in yesterday’s session. However, the weekly expiry session witnessed a negative momentum from the opening ticks itself and the index corrected throughout the session to end the day around 11600.
In our recent reports, we have been mentioning about the ’20 DEMA’ resistance in Nifty around 11700 levels which was required to be surpassed for a continuation of the pullback up move. However, the index registered its high around this level on Wednesday and many of the index heavyweights witnessed a selloff in yesterday’s session to drag the index again below 11600. The broader markets too witnessed a sell-off which led to the overall market breadth largely in favor of the declines. The Nifty Midcap100 index has again approached its ‘200 SMA’ on the weekly charts which has been a savior in the recent past. Next few trading sessions could be crucial to determine the short term trend for this index and thus, traders should be vigilant on the momentum in this index. As far as the benchmark index is concerned, the immediate supports are placed around 11530 and 11490 whereas resistance continues to be the 11700 mark. One thing looks quite prominent on the charts that until we see a recovery in the midcap space, this time we are unlikely to see a positive momentum in the index front as well. Hence, traders are advised to stay light on positions and avoid aggressive bets until there are signs of revival.
Nifty Bank Outlook - (30431)
The Bank Nifty index too traded with a negative bias post opening yesterday and corrected by over 300 points. The index has consolidated in the range of 30870-30340 in last few sessions. In this consolidation, the '20 DEMA' has acted as a resistance which is now placed around yesterday's high of 30770. A breakout beyond the above mentioned range could lead to a directional move and hence, traders are advised to trade in the direction of the breakout from the above mentioned range.
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