Published on 29/10/2020 12:15:28 PM
Nifty Bank Outlook - (24232)
Yesterday, Bank Nifty started on a weak note and it crept lower throughout the session to test levels around 24000. During the last couple of hours, the Bank Index consolidated with a minor bounce to eventually end with a loss of 2.17% at 24232.50. As mentioned above it's been a tricky week for the market so far as we witnessed one day up one day down in the last three sessions. We reiterate that the Bank Index has strong support placed around 23300 and 23600 which is a confluence zone formed by 20EMA, 200SMA, and bullish gap on the daily chart. As long prices hold the above support levels the short-term trend remains positive. For the expiry session, immediate resistance is placed around 24450 - 24780 levels and support levels are placed around 24000 - 23850 levels. Despite the baffling index move, we have seen good stockspecific action within the sector in the last few days and one should continue with the same approach on the F&O expiry day.
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Published on 29/10/2020 12:15:14 PM
Sensex (39922) / Nifty (11730)
We had a flat to positive start yesterday despite nervous global cues. In the initial trades, Nifty went higher and reclaimed 11900; but all of a sudden from nowhere, the selling augmented in our market, which was the rub off effect of the sell off in European as well as Dow futures. In fact, post the mid session, markets literally had a nosedive to test the 11700 mark.
Market is clearly directionless as we can see one day up one day down since the last three days. This can be very painful for positional traders and even sometimes momentum traders can also find it a bit difficult to cope with such sudden swings. It seems that things are going to be extremely difficult for the next few days, till the time coronavirus worries (in Europe) do not fade out and the US presidential election is over. Ideally, it's advisable to stay light and keep a regular tab of key levels.
After Tuesday's smart recovery we are back to the make or break zone of 11700 - 11660. We reiterate that one should remain hopeful as long as these supports are defended; but in case if things worsen on the global front, a sustainable move below this would lead to some short term correction. On the flipside, 11800 followed by 11900 is likely to be seen as intraday hurdles.
Click Here- https://bit.ly/3mAioxY
Please refer disclaimer at https://trade.angelbroking.com/Downloads/ARQ-Disclaimer-Note.pdf
SEBI Registration number is INH000000164
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