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Published on 22/05/2020 11:56:49 AM | Source: Angel Broking Ltd

The immediate support for index is placed at 17400 followed by 17100 by Angel Broking

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

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Sensex (30933) / Nifty (9106)

Wednesday's smart recovery was followed by a flat to positive opening in our market despite sluggish global cues. During the first half, the market extended wednesday's relief move and went beyond the 9150 mark. However, some indecisiveness was being witnessed at higher levels and in the process, the Nifty eventually corrected to pare down major chunk of gains. In all this, Nifty eventually managed to reclaim the 9100 mark on a weekly expiry day.

Yesterday's first half had some action but there was some volatility seen towards the fag end, which was evident on weekly expiry day. Technically speaking, we are standing at a crucial juncture now and hence, the coming session would probably set the next path of action for our markets. As far as levels are concerned, 9150- 9200 remains to be an important hurdle for Nifty. Today being the weekly close, it would be crucial to see whether we manage to surpass this hurdle or not. Any sustainable move beyond this would certainly trigger a strong upside move in the market; whereas on the flipside, 9000 becomes a make or break level now.

Yesterday, despite we were witnessing some volatile swings in indices, individual pockets were doing well for themselves. Hence, till the time, we are stuck in a range of 9000-9200, its advisable to focus on potential movers.

 

Nifty Bank Outlook - (17735)

Banking space witnessed a pullback in yesterday's session during the day; however, it gave up the gains in the last hour and ended with a loss of 0.59 percent.

In last couple of sessions, Bank Nifty has attempted a pullback from the support of the harmonic pattern about which we had mentioned in our earlier report. However, the index being an underperformer in the recent past, is clearly struggling to show follow up buying and is not able to show sustainable move as it should have been. Technically, the immediate support for index is placed at 17400 followed by 17100. Traders are advised to have a stock specific approach within the sector at the moment as price movement in the coming week could give better clarity on the direction for the near term.

 

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