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01-12-2023 10:03 AM | Source: Angel One Ltd
As far as levels are concerned, recently prices faced a stiff hurdle around the 42700 - Angel One
News By Tags | #6943 #2730 #879 #1014 #59

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Sensex (60105) / Nifty (17896)

We had a sluggish start for the day in line with SGX Nifty. In the initial trade, the nervousness dragged our benchmark lower to almost test the 17800. However, the banking space provided the much needed helping hand at lower levels along with few heavyweight IT names. We did see complete recovery in the first half and in fact for a brief period, Nifty traded in the positive terrain. However, lack of follow up buying at higher levels poured water on this recovery. Eventually, Nifty ended the session with negligible loss a tad below 17900.

To summarize, the benchmark index has not gone anywhere yesterday as we witnessed complete indecisiveness from both the counterparties. From an optimist point of view, we once again managed to defend the key support zone of 17800 – 17750 and have rebounded in relatively safer zone. However, on the contrary, 18000 remains a strong hurdle followed by 18100. Recently, we observed Nifty oscillating within a range of 550 point i.e., 17750 – 18300; but now this range seems to have shrunk further. The lower band remains the same, but the higher boundary has now shifted to 18100

 

Nifty Bank Outlook (42233)

Bank Nifty had a mild positive start however the rub-off effect of the previous session immediately triggered weakness to drag prices towards an intraday low of 41729 within the first few minutes. Unlike the last few sessions, this dip got bought into pushing prices back into the positive trajectory, and then for the remaining part prices remained firm but in a narrow range to eventually end with gains of half a percent at 42233 .

After the recent pain in the banking space, there was finally some respite and encouraging signs in a few key heavyweights. We are still however not out of woods and a follow-up positive move would be crucial to trigger optimism. As far as levels are concerned, recently prices faced a stiff hurdle around the 42700 zone and on the weekly expiry it would closely watched beyond which 43000 can be triggered immediately. On the flip side, yesterday's low around 41700 would act as a support followed by sacrosanct support at 41500. We remain upbeat on market and hence suggest to use dips as a buying opportunity with strict stop loss mentioned below the key support levels.

 

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