Published on 16/09/2020 10:51:17 AM | Source: Motilal Oswal Financial Services Ltd

Nifty index opened positive and after an early consolidation it slowly headed towards 11535 levels - Motilal Oswal

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Nifty Outlook

Nifty index opened positive and after an early consolidation it slowly headed towards 11535 levels. It negated the negative effect of Bearish Engulfing pattern made on this Monday by forming a Bullish Harami pattern which indicates that Bulls are not ready to loosen their grip on the market. It closed the session with the gains of around 80 points with its recent highest daily close in last eight trading sessions. It is forming higher top - higher bottom on lower time frame and supports are slightly shifting higher with buy on decline strategy. Now it has to continue to hold above 11450 zones, to witness an up move towards 11750-11800 zones while on the downside key support exists at 11350-11333 zones.


Bank Nifty Outlook

Bank Nifty opened positive and slowly headed towards 22500 zones as it managed to hold immediate support of 22000 zones. It formed an Inside Bar or a Bullish Harami candle which indicates that Bulls are not allowing market to drift down even after its recent underperformance. It has been hovering near to its 50 DEMA and requires to hold above the same to get a bounce or stability in the rate sensitive index. Now it need to hold above 22500 zones to witness some stability and a move towards 22750 and 23200 zones, however a hold below 22000 could drag the rate sensitive index towards 21750 and 21500 zones.


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