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Published on 24/01/2020 11:19:11 AM | Source: Angel Broking Pvt Ltd

On the flip side, strong support below 30800 - Angel Broking

Posted in Market Outlook| #Market Outlook #Angel Broking Pvt Ltd

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Sensex (41386) / Nifty (12180)

The Nifty opened marginally positive yesterday and traded with a positive bias on the day of the weekly F&O expiry. It ended the session tad below 12200 mark with gains of sixtenths of a percent.

After three sessions of the corrective phase, finally we saw some relief yesterday as the market pulled back higher post opening. The midcap names were back into action as the market breadth improved and thus, the midcap index continued its outperformance over the large cap names. In our previous articles, we have been mentioning to use this decline as a buying opportunity for positional traders and we continue with the same stance. The immediate support for Nifty is now placed around 12100 followed by 12000 mark whereas resistance is seen around 12230 and 12280. Traders are advised to trade with a positive bias and look for opportunities within the midcap space which are providing better returns.

 

Nifty Daily Chart

 

Nifty Bank Outlook - (31004)

Yesterday, Bank Nifty started on a flat note and after an initial hiccup bounced back sharply throughout the session to end with gains of around a percent tad above 31000 levels.

In our previous outlook, we had mentioned even though the bank index has broken below the crucial support of 30800; one needs to be watchful as the hourly oscillators were placed in deep oversold territory. In yesterday's session, the bank index managed to hold the previous session low and triggered a smart bounce back to close back above the 89EMA. Going ahead, if the bank index continues to hold 30800 support levels then we may see a bounce back towards 31430 and 31600 levels. On the flip side, strong support below 30800 is placed around the last two sessions low at 30580 With the recent correction, some of the banking stocks are placed at good buying levels with good risk-reward ratio, traders are advised to focus on the same as they are likely to provide outperforming opportunities.

 

Nifty Bank Daily Chart

 

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