Diwali Vikram Samvat 2079 Market Outlook By Sumeet Bagadia, Choice Broking
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NIFTY50
• After settling an all-time high of 18604, the Index showed some profi t booking till 15183 levels which is near 18 percent which was much needed to take the bulls for a pause before a run. The market may witness more consolidation after the successive rise and it would be healthy. Since all the sectors are now aligned with the market trend, heavyweight stocks would drive the moments further for the next upside rally.
• On a weekly chart, the index has been trading with the support of a rising trend line as well as above 89-Weekly moving averages which suggest strength in the counter for the medium term.
• Furthermore, Index has been trading with the support of the middle band of Bollinger which suggests adding bullishness to the prices.
• A daily momentum indicator Stochastic has shown a positive crossover on the daily chart which adds more bullishness to the price.
• As per the above-mentioned technical parameters, we are expecting a bullish move in the Nifty50, so one can buy at CMP 17185 or on dips should be a strategy for the medium to long term with the Support of 16500-15800 while Resistance is placed at 18100-18600 levels
BANKNIFTY
• On the weekly chart, Bank Nifty managed to give a breakout to its falling trend line, and sustaining above 50 DMA moving average suggests bullishness in the long run.
• Private Banks and PSU Bank would continue to perform in the near term adding further strength to Index as well.
• Momentum indicators RSI and MACD both have shown positive crossover on the weekly chart which adds more bullishness to the price.
• The price has moved above the middle Bollinger Band in the weekly chart confi rming the remaining space for an upwards rally.
• As per the above-mentioned technical parameters, we are expecting a bullish move in the Bank Nifty, so one can buy at CMP 39300 or on dips should be a strategy for the medium to long term with the support of 37500-35000 while Resistance is placed at 41000-44000 levels.
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