Bank Nifty as well started on a positive note and went on to mark an intraday high above the 35000 levels - Angel One Ltd
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Sensex (56319) / Nifty (16771)
Monday’s session was terrible for equity markets across the globe; however yesterday morning, the picture improved a bit. The Dow futures were trading with a decent up tick early in the morning which had a rub off effect on other Asian bourses as well. No brainer, our markets too started with a good bump up and then extended gains in the first half to even surpass the 16900 mark. However, post the midsession, we witnessed some nervousness at higher levels which resulted into a sharp profit booking to erase some portion of gains.
We had a smart recovery towards 16900 after posting a low on Monday around 16400. With reference to our previous commentary, we had mentioned how gap area around 16840 – 16966 should be treated as important hurdle. Yesterday when it appeared as if we are going to challenge the 17000 mark, this gap area proved its significance as we witnessed a sudden decline after nearing the higher end of the gap. We reiterate that if market has to confirm its near term bottom, Nifty needs to surpass 17000 – 17200 with some authority. Till then we are not completely out of the woods. For the coming session, 16840 – 16966 remains to be a strong resistance zone; whereas on the lower side, 16680 followed by 16500 are to be seen as intraday supports.
We advise traders not to be in a hurry to make any kind of bottom fishing; rather keep focusing on stock specific moves on both sides. But for investors with a slightly longer horizon, one can now start accumulating quality propositions in a staggered manner.
Nifty Daily Chart
Nifty Bank Outlook - (34608)
Bank Nifty as well started on a positive note and went on to mark an intraday high above the 35000 levels. However, in the penultimate hours, the broader markets witnessed sell-off, and banking space being the weakest link came off from the morning highs to eventually end a tad above 34600 with gains of around half a percent.
Since the bank index had already fallen more than 3000 points since last week's high some bounce was imminent. With yesterday's price move the bank index has formed a homing pigeon pattern that even though is a red body candle is actually a bullish reversal pattern. However, we are not much thrilled with the said pattern as in the recent past as well some of the bullish scenarios in the bank index have failed significantly. Going ahead if we respect this pattern then 34000 i.e. Monday's low should act as support however we do see overhead resistance around 35200 - 35500 and hence we may see a broad range trade between 34000 - 35500. Traders should keep a tab on the above range and should trade accordingly.
Nifty Bank Daily Chart
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