IGI Logo

Sensex (53134) / Nifty (15811)

The Indian equity market started on an optimistic note, wherein the benchmark index Nifty50 witnessed a decent gap-up and soared above the psychological mark of 16000 during the first half of the session. Though the sustenance at the higher grounds was challenging as the Bears showed their resilience of not letting the psychological mark get taken so quickly and tightened their grip to pare down all the gains of the session. With all the actions, the index concluded the day in red with a mere loss of 0.15 percent and settled a tad above the 15800 level.

Technically, the index witnessed tentativeness at the higher levels, and the index again dragged back in the slender range of 15700-16000 odd zone. The psychological mark of 16000 proved its sturdiness, impelling the bulls to put their foot back. On the technical front, 15650-15700 holds the demand zone for the index, and any correction could be seen as a buying opportunity. On the contrary, a decisive closure above the 16000 mark could only ascertain the bullish trend in the near period.

Hence, looking at recent price action that construes an unclear market trend, participants are advised to avoid any undue risk and stay abreast with global developments. Also, as much action is seen outside the index, we advocate continuing with a stock-centric approach for better trading opportunities.

Nifty Daily Chart

Nifty Bank Outlook - (33816)

We had a promising start for the day in line with our benchmark index. Right from the word go, the banking index took the charge and went beyond the psychological level of 34000 with an ease. Around the midsession, the BANKNIFTY almost tested the 34400 mark. However, once again at higher levels the bears managed to defend their territory as we witnessed a nosedive to not only pare down gains but also concluded the session in the red.

It was a roller coaster move for our markets yesterday and so as for banking index. Unfortunately the latter action was strongly in favour of the bears, which does not augur well. For the coming session, 33500-33300 are to be seen as key supports; whereas on the flipside, 34100-34400 remains a sturdy wall now. Since the higher boundary coincides with the ‘Downward sloping trend line’, its advisable to wait for sustainable breakout above the same. Let’s see how global market pans out, which is likely to influence today’s opening.

Nifty Bank Daily Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.angelone.in/ 
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