IGI Logo

Sensex (59197) / Nifty (17656)

Our markets once again completely ignored the sluggish global cues as we started the session on a positive note. In the initial hour, Nifty literally hastened beyond the 17750 mark and it appeared as if it’s going to come out of the congestion zone finally. But tentativeness was observed once again at higher levels, which resulted in erasing all gains to even slide below 17600 around the midsession. Fortunately, the dip was bought into successfully and with some zig-zag movement, the Nifty concluded the session marginally in the red.

Yesterday, the kind of start we had, market should have ideally ended its recent consolidation phase. Unfortunately it’s not the case at the end. The coming session would be quite crucial and it would probably confirm the near term direction of the key indices. A small push from global market is the need of the hour. As far as levels are concerned, 17700 – 17800 remains to be the sturdy wall and the moment we surpass it convincingly, it will open up the gates for a move towards 18000 and beyond. On the flipside, 17600 – 17500 are to be treated as immediate supports. The key indices might be consolidating but the broader end of the spectrum keeps on buzzing. Traders are advised to keep focusing on such potential candidates which are likely to continue their recent run

Nifty Bank Outlook (39666)

Bank Nifty started on a positive note and tested levels beyond 40000 during the first hour. Subsequently, there was profit booking at higher levels and the bank index consolidated within a range to eventually end with a loss of 0.35% at 39666.

After the recent outperformance, yesterday was a session of a breather for the bulls and it's evident considering the overbought conditions of oscillators in the hourly time frame. However, technically the trend remains positive and such profit booking days should be considered healthy for the overall bull trend. Since we are now placed at a psychological level of 40000 some tentativeness is obvious however once we sustain about it and we think it would; the bank index would see a strong leg of up move in the near term. Traders are hence advised to maintain positive bias and use any dips as a buying opportunity. As far as levels are concerned, 40000 followed by 40180 is the immediate resistance whereas on the flip side 39500 - 39400 is the immediate support zone.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.angelone.in/ 
SEBI Regn. No.: INZ000161534

Above views are of the author and not of the website kindly read disclaimer