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Published on 29/05/2020 10:28:04 AM | Source: Motilal Oswal Financial Securities Ltd

Bank Nifty opened on a positive note and rallied sharply in first half of the session - Motilal Oswal

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Nifty Outlook

Nifty started the session on the positive note and continued its bullish momentum of previous trading session. Index rallied by around 175 points and concluded the session a tad below 9500 mark. It remained in positive territory throughout the session and formed a Bullish candle on daily chart. Nifty is sustaining well above trendline breakout levels and now also managed to close above 50 DEMA. Due to smart recovery in last two sessions, index trimmed off some of its M-o-M losses and concluded the May F&O series with loss of 3.75%. It moved within the trading territory of April series and thus we are witnessing an Inside Bar formation on monthly (expiry) chart. Momentum oscillator RSI is also placed positively on daily chart and thus, we may see continuation in up move in coming days too. Going forward, the resistance for Nifty is placed at 9730 and then 9900 levels, while support is inching higher to 9300 and 9150 levels. Nifty Outlook Level CMP R1 R2 S1 S2 NIFTY 9,490 9,730 9,900 9,300 9,150 BANKNIFTY 18,710 19,300 20,000 18,000 17,500 Bank Nifty

 

Bank Nifty Outlook

Bank Nifty opened on a positive note and rallied sharply in first half of the session. But, we witnessed some profit booking from higher level. However, the banking index remained in positive territory and continued its outperformance against benchmark index for third consecutive session as it ended with gain of 2.45%. It is sustaining well above 20 DEMA & Falling Trend line and formed a positive candle on daily chart. On expiry-toexpiry basis, BankNifty underperformed and corrected by around 11% from its April expiry close. At current juncture, RSI oscillator is moving northward on daily chart and thus showing strength in the index. Considering overall chart structure, we may see further bounce in Bank Nifty towards 20000 mark, while support has been shifted higher to 18500 and 18000 zone.

 

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