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Sensex (37312) / Nifty (11029)
Following the favorable development with respect to US-China trade war, the Asian cues were positively placed and our market too started Wednesday's session on a positive note with a gap up of around 70 points. Although the index witnessed some choppiness in the first few minutes, the dip was bought into and then a sustained up move was seen during the session to register gains of about a percent.
Post the sharp correction seen on Tuesday; the broader markets witnessed a relief in Wednesday's session. Although the index traded within its previous day's range, the market breadth was clearly in favor of advances. Going ahead, the immediate support for the index is placed around 10870 (78.6% retracement of recent pullback) whereas the resistance is seen at the swing high of 11181.The cement, metals and auto stocks which were in a slumber phase for a while performed well and they may continue the pullback move in near term. Hence, traders are advised to trade with a stock specific approach with a tab on the above mentioned levels in the index.
Nifty Bank Outlook - (28019)
Bank Nifty Index too witnessed a gap up opening and with the positive bias throughout the day ended with gains of around a percent to reclaim the 28000 mark.
Amidst a stock specific session Bank Index traded within the previous session trading range and ended with a small white body candle. The trading range of Tuesday’ big black body candle i.e. 27683-28358 will be pivotal and next directional move can only be seen on range break of above levels. In such scenario, traders are advised to focus on stocks within the sector which may provide better trading opportunities.
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