Angel Broking Pvt Ltd
Published on 21/07/2017 11:02:02 AM
Nifty Bank Outlook - (24213)
The Nifty Bank index opened higher yesterday and traded in a narrow range to end the session with gains of 0.25 percent over its previous session's close.
As we had mentioned in our earlier reports, the ongoing upmove in the Nifty Bank index is led by stock specific momentum rather than a broad participation. Yesterday, we witnessed similar stock specific momentum within the banking space. The index could continue with this momentum but is likely to face resistance between 24400-24500. Thus, we are expecting limited upside in the index in near term and hence, traders should exit from long positions in the mentioned resistance zone. Intraday and short-term traders should continue to focus on stock specific moves in current market scenario. The intraday supports for the Nifty Bank index are placed in the range of 24070 - 24000 whereas resistance is seen in the range of 24400-24500.
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