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Sensex (40240) / Nifty (11857)
The Nifty index started trading on a flat note yesterday. Post consolidating in a range till noon, the index corrected along with the broader markets and ended the session with a loss of about 80 points at 11857.
In the last few sessions, the Nifty index has corrected from the recent swing high of over 12150. On a higher degree chart, this correction seems to be a corrective phase within an uptrend to retrace the previous sharp rally. The broader markets, especially the midcap space, have witnessed a decent correction in last few days and hence, it could be a good opportunity for positional traders to look to buy stocks within a larger degree uptrend. Although, it is difficult for day traders to catch the momentum and hence, one should look to avoid taking swing trades and rather focus on accumulate stocks for positional trades. As far as index levels are concerned, the immediate support for Nifty are placed around 11800 and 11750 whereas resistances are seen around 11920-11980. Traders are advised to look for stock specific opportunities and trade with a proper exit strategy.
Nifty Bank Outlook - (31160)
Bank Nifty Index started on a flat note and witnessed a gradual decline throughout the session. During the session, intraday bounce got sold into and the banking index ended near the low point of the day with a loss of around half a percent at 31160
Inspite of weakenss, the bank index managed to hold on to its previous session low which coincides with 200SMA on the hourly chart placed around 31100 levels. Going ahead 31100-31000 continues to be a strong support zone whereas, on the flip side, 31450-31600 is the immediate resistance zone. We expect individual stocks from the basket to give better moves than the index and hence one should continue with stock centric approach.
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