Bank Nifty started with a gap-up opening and similar to the previous session - Angel One
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Sensex (61873) / Nifty (18403)
For the second consecutive session, our markets started with a mildly positive bias owing to mixed global cues. Within few minutes, we not only managed to pare down gains but also slipped inside the negative territory due to small decline in the first half. More than a correction, we can consider this price action merely as a continuation of Monday’s consolidation phase. At one point, it appeared as if we are going to witness one more session of boredom but unlike previous day, this time we witnessed a sharp recovery towards the latter part to conclude with Four tenths of a percent gains.
With yesterday’s tail end surge, our benchmark index clocked yet another highest close in the current calendar year. If we meticulously observe the daily time frame chart, we can see yesterday’s low coinciding with the ‘5-day EMA’ level. Since the slope of this key moving average is upward, the buying emerged precisely after testing it. We continue to remain sanguine and we reiterate on new high coming soon in Nifty. Before this, 18450 – 18600 are the immediate levels to watch out for. On the flipside, yesterday’s low of 18280 has earned some significance now. Any decline below this would result in extended profit booking towards 18200 – 18100 (which seems unlikely at least for the coming session).
Nifty Bank Outlook (42373)
Bank Nifty started with a gap-up opening and similar to the previous session it traded within a range for a major part of the session. During the last hour, however, there was strong buying seen in heavyweight banking counters that pushed the index towards new all-time high levels to eventually end with gains of 0.70% at 42373.
The Bank Index continues with its outperformance and is trading in uncharted territory. In such a scenario, any small dip is getting bought into and this is exactly what we witnessed yesterday. We expect this optimism to continue and hence traders are advised to continue taking dips as a buying opportunity. As far as levels are concerned, 42750 - 43000 can be considered as immediate resistance whereas, on the flip side, 42000 - 41900 remains a strong support zone.
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