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Published on 4/08/2022 9:41:29 AM | Source: Angel One Ltd

Our market has seen a mild start tracking the mixed global cues - Angel One

Posted in Market Outlook| #Market Outlook #Angel One Ltd

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Sensex (58351) / Nifty (17388)

Our market has seen a mild start tracking the mixed global cues and followed a sluggish move for most of the trading session. The benchmark index witnessed a lackluster day of trade until the fag end buying interest boosted the sentiments and soared the index to test the 17400 odd zone. With all such actions, the index maintained its positive stature for the sixth consecutive session and concluded the day a tad below 17400 levels by procuring another 0.25 percent.

Technically, the index continued its northwards journey with a smart recovery from the intraday dip that augurs well for the bulls of D-Street. However, the hint of tentativeness at higher levels should not be overlooked at all. On the technical front, 17450-17500 still holds the sturdy wall for the bulls, and a decisive closure above the same could only trigger fresh longs in the system. Meanwhile, any dip towards the 17200 zone is likely to get bought into, while the sacrosanct support lies around the unfilled gap and psychological mark of the 17000.

Hence, looking at index placements and the recent price action that construes the undertone to favor the bulls, participants are advised to avoid aggressive bets and stay abreast with global and domestic developments. Also, we advocate continuing with a stock-centric approach for better trading opportunities.

Nifty Bank Outlook (37989)

Once again the BANKNIFTY had a sluggish start in tandem with benchmark. Unlike Nifty, the banking index kept sulking for the major part of the session. During the first half, it remained under pressure and in the latter one, we saw some modest recovery to conclude tad below the 38000 mark.

The benchmark Nifty had other components to pull it higher; meanwhile the banking space looked a bit nervous. For the coming session, 38200 followed by 38500 remains a sturdy wall and as of now there are no indication of it surpassing the same on the expiry day. Hence, traders are advised to take some money off the table at higher levels. On the flipside, 37850 and 37700 are to be seen as immediate supports.

 

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