Nifty finally managed to surpass the sturdy wall of 18200 - Angel One
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Sensex (61749) / Nifty (18256)
Wednesday night, US markets reacted adversely as Federal Reserve delivers yet another rate hike by 25bps. The SGX Nifty looked nervous early this morning; but surpassingly, our markets started the session on a flat note and after some initial hesitancy, resumed its upward trajectory. Gradually, we kept on climbing as the day progressed and with tail end gush, the Nifty finally managed to surpass the sturdy wall of 18200 with an ease
Yesterday, our markets completely shrugged off the global developments and moved on our own. This portrays the inherent strength backed by lot of domestic tailwinds. Now, since Nifty has managed to confirm a decisive breakout above 18200, we are well poised to continue this march towards next junction of 18350 – 18500. If there is no major aberration globally, we may see it happening before the first half of the forthcoming week. On the flipside, 18100 – 18000 has become a sacrosanct support zone now. Although, we accept the fact that it appeared as if we may retest the 18000 mark yesterday, market has managed to deceive us pleasantly
Nifty Bank Outlook (43685)
The weekly expiry session turned out to be full of optimism as the BankNifty not only managed to surpass the hurdle of 43500 but also went beyond 43700. Post a tentative start, we witnessed fresh buying interest right from the word go and as we progressed index inched higher with no major intraday dips. In the final hour, buying accelerated to reclaim 43700 with some authority and eventually concluded the day with decent gains of 0.86%.
In our previous commentary, we had mentioned about index consolidating for a time being but surprisingly a broad-based buying was seen wherein banking and financial names clearly led from the front. The momentum visible towards the fag end was indeed an encouraging sign and going ahead, levels above 44000 looks very much in sight. Hence, we maintain our optimistic stance and expect the continuation of the ongoing rally. For now, immediate resistance has been shifted higher to 44000-44150 levels, while the 43200-43000 zone is likely to provide cushion in case of any dip.
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