MENU

Published on 12/07/2019 9:59:29 AM | Source: Angel Broking Pvt Ltd

We would see a decent bounce back towards 11700 – 11760 - Angel Broking

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

Now Get InvestmentGuruIndia.com news on WhatsApp. Click Here To Know More

Sensex (38823) / Nifty (11583)

The global set up was just perfect for such head start early in the morning. Most of the global indices looked rejuvenated after Fed Chairman Powell hinting a rate cut in his speech. We opened higher as indicated by the SGX Nifty; but some part of these gains got erased in initial trades. Fortunately, we witnessed a strong buying emerging at lower levels which accelerated in the latter half. In the end, despite a weekly expiry, markets remained stable to conclude with over seven tenths of a percent gains.

Since last three days, our markets have somehow managed to defend their ‘make or break’ support levels. However, we failed to surpass the sturdy wall of 11600 – 11630. Going ahead, it would be important for the Nifty to overcome this hurdle in order to regain some strength. If this happens, then we would see a decent bounce back towards 11700 – 11760. This scenario looks practical considering the sharp bounce back in the broader market. On the downside, 11550 followed by 11519 would be seen as crucial supports in the forthcoming session. We need to understand that the recent downtrend is yet to reverse and hence, traders are advised not to take aggressive positions in anticipation of this. Since, we had a good broad based rally yesterday; traders are advised to keep focusing on individual stocks. Clearly, the entire ‘Auto’ pack was on a roll after a long underperformance. Few key names from this pocket have turned upwards from their crucial multi-year lows. Apart from this, ‘Metal’ stocks were also buzzing throughout the day and hence, traders are advised to focus on such thematic ideas which may provide better trading opportunities

 

Nifty Bank Outlook - (30716)

The Bank Nifty Index witnessed a gap up opening yesterday around its previous sessions high, and after trading in a range with a positive bias it ended with 0.64% gains at 30716. The index has consolidated in a range for the last three sessions. It is hovering on the support of '50SMA' and is witnessing a bounce back to its recent sharp fall. During the session, we saw buying in some PSU banks and selective private banks indicating positive biasness in intraday. Traders are advised to have a stock specific approach within the sector, however should avoid aggressive bets. As far as levels are concerned 30850 – 31000 is immediate resistance whereas support is seen around 30570 – 30400 levels

 

To Read Complete Report & Disclaimer Click Here

 

Click here to open demat account

 

For More Angel Broking Pvt Ltd Disclaimer http://www.angelsecurities.in/disclaimer.aspx                    

 

Views express by all participants are for information & acadamic purpose only. Kindly read disclaimer before refering below views. Click Here For Disclaimer