01-01-1970 12:00 AM | Source: Angel One Ltd
Despite being a truncated week, the bulls made their presence feel in all four trading sessions - Angel One Ltd
News By Tags | #6943 #879

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Sensex (61306) / Nifty (18339)

Despite being a truncated week, the bulls made their presence feel in all four trading sessions. Importantly, the banking space provided a helping hand first when it was the most needed because the IT basket had a shaky start after weak set of numbers from TCS over the last weekend. In fact, as the week progressed, the buying momentum accelerated in the banking counters which led the benchmark at such record highs. This rally has been relentless in nature and we must admit that it has overshot our expectations by a fair margin. But this is how market functions, it is always full of surprises and it moves the way it wants to. Now since we are trading in an uncharted territory, it would be very difficult to project higher levels. Hence, 18500 is to be seen as immediate psychological level and thereafter every 100 points round figure is to be considered as next level.

As far as supports are concerned, 18200 followed by 18000 are to be seen as strong supports for the coming days. Here, 18000 holds a key for the bulls and as long as it’s defended comfortably, the bulls have no reason to worry for. Although the trend has been extremely strong, we reiterate that one should avoid getting complacent at such elevated levels. The pragmatic approach would be to go one step at a time and try to avoid aggressive bets overnight. The stock specific action continues and hence, traders are advised to keep focusing on such bets.

Nifty Daily Chart

 

Nifty Bank Outlook - (39341)

On Thursday, Bank Nifty started on a flat and then we witnessed a consolidation with positive bias. In second half however a strong positive momentum was seen that pushed prices well above the 39300 levels with gains of 1.83% 

During the last week, we witnessed an outperformance from the banking space after it breached its key hurdle of 38300. Now going ahead, 38300 will now act as support and any dip is likely to get bought into. It seems the bank index has finally joined the bulls party and it can extend this move towards the next milestone of 40000. Traders are henced advised to focus on counters from this space as they are likely to give strong trending moves in the near term.

Nifty Bank Daily Chart

 

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