Bank Nifty was the weakest link, as it witnessed a gap down opening - Angel One
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Sensex (53027) / Nifty (15799)
Once again the US markets remained under pressure and due to overnight weakness, our markets started the session on a nervous note. Similar to the previous session, the Nifty tested 15700 in the initial trade and then had a modest recovery during the remaining part of the session. At one point the Nifty went on to hasten towards the 15850 mark but with some profit taking towards the end, it eventually settled the session precisely at 15800.
The global uncertainty continues to loom over but our markets are showing tremendous resilience. For the second consecutive session, we witnessed 15700 proving its worth and bulls are getting more and more aggressive whenever the market dips towards this sacrosanct level. Yes, on the other hand, there is not enough strength to go pass immediate hurdles also. So basically market is stuck in a range of 15700-16000 and till the time we do not see a convincing breakout on either sides, the lull is likely to continue in key indices.
For the coming session, the strategy remains the same to buy around supports and stay light around immediate hurdles of 15850 - 15925. It’s better to wait for decisive move and then one can think of creating aggressive bets in the right direction.
Nifty Daily Chart
Nifty Bank Outlook - (33270)
Once again the Bank Nifty was the weakest link, as it witnessed a gap down opening and there was no major attempt to bounce back despite some traction seen in broader markets. Eventually, the bank nifty ended with cuts of 1.11% at 33270.
In the last couple of sessions, we have seen the major move only on opening and post that the bank index remaining within a slender range. On the daily chart, two small body candles highlight the same and even though weakness has been seen there's no runaway selloff. It all goes to the expiry day and today's move is likely to decide the near-term trend. We reiterate having stock-specific trade on the expiry day as it is likely to give opportunities on both sides of the trend. As far as crucial levels to watch would be 33000 - 32650 as support whereas 33500 - 33745 as resistance.
Nifty Bank Daily Chart
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