The robust buying emergence in the broader markets and the participation from heavyweights have tuned in optimism in the markets - Angel One
Sensex (66266) / Nifty (19727)
The Indian equity market witnessed a splendid weekly expiry session, wherein the benchmark index soared above the bearish gap on the daily time frame. The robust buying emergence in the broader markets and the participation from heavyweights have tuned in optimism in the markets. Apart from initial hiccups, the bulls firmly took control of the markets and steered northwards throughout the day. Eventually, the Nifty50 index concluded the session decisively above 19700, procuring 0.59 percent of gains.
The Bulls are on a winning spree and with yesterday’s development, the bullish undertone certainly intensified. Technically, with the latest conquest over the bearish gap (19680-19700), it is highly anticipated that the market should continue its uptrend; at the same time, one needs to be practical and not become complacent with the upmove. As far as levels are concerned, 19650-19600 is expected to cushion any blips, while the sacrosanct support shifts to 19500. On the higher end, 19800-20000 is the next potential resistance for Nifty in the comparable period. As we proceed, we may witness many stockspecific developments from the broader and blue-chip space, which could keep the buzz alive.
Nifty Bank Outlook (44878)
The bank index had a remarkable day, experiencing a flat opening before encountering fluctuations in both directions during the midsession. The real excitement began in the second half when bullish momentum picked up, driven by strong buying activity that lifted overall market sentiment towards the end. Eventually, Bank Nifty concluded the day with gains of around a percent ending a tad below 44900.
It appears that the period of stagnation has come to an end, as we witness an upward breakout following the recent consolidation phase. While several sectors have outperformed in the past few weeks, the banking sector, being a high-beta index, holds significant importance. Yesterday's robust performance in this space has injected renewed enthusiasm into the broader market. The first week of September has kicked off on a strong note, and we anticipate further upward momentum in the near term. Traders should maintain a positive outlook and focus on this sector during any potential dips, as we are likely to see continued outperformance. Key levels to monitor include 44700 – 44500 on pullbacks, while 45200 – 45400 stands as immediate resistance before prices potentially head towards the 46000 levels
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