Published on 28/10/2021 10:51:30 AM | Source: Angel One Ltd

The bank nifty started on a flat note and remained within a range for the major part of the day - Angel One Ltd

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

Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel 

Download Telegram App before Joining the Channel

Sensex (61143) / Nifty (18211)

Markets had a quiet start with mildly positive bias despite SGX Nifty was indicating a gap down opening by nearly 50 points. After consolidating around 18300 for nearly two hours, Nifty extended its gains towards 18350. It was once again followed by some choppy trades in a small band after the mid-session. However as we stepped into a final hour of the session, the heavyweight stocks started becoming a bit nervous, which eventually resulted in a sharp decline to conclude around 18200 with nearly three tenths of a percent cut.

Overall we did not see any major action in benchmark index for the most part of the day. Only the first and the final hour had some momentum but it was on the opposite sides. Since the market saw sharper cut towards the fag end, things do not look encouraging for the expiry day. If there is any aberration on the global front, we would see Nifty correcting in the coming session as well. Here, 18100 – 18000 are to be seen as key supports. As of now, we do not see any indication of breaching this important support zone on the expiry day itself; but sooner or later, it is likely to happen. On the higher side, 18350 – 18400 remains a sturdy wall for the Nifty. Yesterday throughout the session, the recent outperformer banking space kept sulking and in fact, the tail end correction was mainly led by the financial space itself. This certainly is not a good sign for the bulls.

Let’s see how things pan out because the volatility is expected to remain on the higher side. We advise traders to remain light and although some of the high beta mid cap counters have rebounded in last two days, one should avoid the temptation to buy with a short term perspective.

Nifty Daily Chart


Nifty Bank Outlook - (40874)

The bank nifty started on a flat note and remained within a range for the major part of the day. In the penultimate hours however the bank index slipped lower and eventually ended with a loss of around 0.88% at 40874.

It was a day of mixed bias for the banking space whereas the private banks were under pressure especially the Axis Bank that was down around 6.50%; on the other hand, the PSU banks continued with their positive move. As far as the index is concerned after the recent strong upmove the oscillators have entered the overbought zone and hence now we are witnessing dull trading sessions. On the expiry day, we continue to see resistance around the 41300 – 41500 levels on the flip side, 40600 – 40500 is the immediate support zone. Traders are advised to continue with stock specific approach that are providing opportunities on both sides of the trend.

Nifty Bank Daily Chart


To Read Complete Report & Disclaimer Click Here


Please refer disclaimer at 
SEBI Regn. No.: INZ000161534


Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer