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Published on 25/03/2020 11:27:19 AM | Source: Angel Broking Pvt Ltd

The Nifty needs to surpass this hurdle convincingly to head towards 8200 - 8400 - Angel Broking

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

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Sensex (26674)/Nifty (7801)

Worldwide the trading screen was positive early in the morning yesterday after US FED announced some measures to support the US economy in such difficult times. Hence, we had a good bump up at the opening after Monday’s mayhem. But surprisingly, we lost all the sheen in initial trades to slide tad below Monday’s low. Finally after an hour, market stabilised and started moving northwards to eventually end the session at the 7800 mark.

Since morning, almost all world markets were looking jubilant and despite we closing in the green, the reaction from our markets is not as similar as the rest of the world. Nevertheless, we have managed to defend 7500 and have shown some signs of relief yesterday. Let see how things shape up on the global front now. If we see the relief move getting extended in global markets, we would see some extension of yesterday’s move in our markets. For the coming session, 7550-7500 remains to be a key support; whereas on the higher side, 8000 is the level to watch out for. If Nifty has to continue some relief move, the Nifty needs to surpass this hurdle convincingly to head towards 8200 - 8400.

 

Nifty Bank Outlook - (17107)

In last few days, BankNifty has witnessed significant under performance compared to other indices as the index heavyweights from the private sector space have witnessed a sharp sell-off. In yesterday's session too, the index continued with the sharp correction and registered a low of 16116. However, the index recovered from the lows as the broader markets saw some relief and ended with gains of over a percent above the 17000 mark.

As mentioned above, the private sector index heavyweights which were the leaders in the market uptrend too have succumbed to the devastation that we have seen in the markets in last one month. As of now, predicting short term moves is much difficult and will all depend on how the overall markets react to the ongoing news on Coronavirus and the global market moves. The immediate supports for the index at 16000-15700 whereas immediate resistances are seen around 18000 and 18700.

Yesterday, the banking space again was the weakest link in the initial trades. Fortunately the sell off halted at the right time and we witnessed some recovery in banking index too. Also, the broader market saw some sustainable bounce during the day, which we hope to continue for a while.

 

 

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