BankNifty as well started with a gap down opening and slipped further lower to mark an intraday low of 38874 - Angel One Ltd
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Sensex (60353) / Nifty (18017)
Market started yesterday’s session on a sluggish note, but still it was certainly not as bad as the SGX Nifty was indicating . Nifty retested 17900 in the early morning trades which was then followed by some consolidation. Post the mid-session, we witnessed a decent recovery in some of the heavyweights which pulled the index beyond 18000 to mark a flat close one day ahead of the weekly expiry.
Although we had a decent recovery post the nervous start, overall there was no major action seen in the benchmark index. We once gain had a neutral close around 18000 which keeps the chart structure unchanged. Hence the view and the levels remained the same as mentioned in the previous commentary. On an immediate basis 18100 – 18200 should be seen as crucial resistances; whereas with a broader view, 18350 stands to be a crucial level which if gets surpassed, Nifty could see new highs thereafter. But till then one should continue with a ‘Sell on rise’ strategy. On the flipside, 17950 – 17850 are to be considered as key supports. Traders are still advised to stay light and even if one wants to focus on individual stocks, a proper money management is must to follow.
Nifty Daily Chart
Nifty Bank Outlook - (39023)
BankNifty as well started with a gap down opening and slipped further lower to mark an intraday low of 38874. Subsequently, we witnessed a range bound session with intraday bounce got sold into. The bank index eventually ended with cut of 0.88% tad above 39000.
If we closely watch the daily chart, the Bank Nifty has closed near the Ascending Trend line support and if see this weakness persists then we can see an extension of fall towards 38000 – 37500 levels in the near term. Since it’s a very key support, we may see some bounce aswell however the charts have been already distorted hence incase of any bounce use it to lighten up long positions. Yesterday’s low at 38874 will be a key support whereas on the higher side resistance is seen around 39200 – 39600 levels.
Nifty Bank Daily Chart
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