Eventually Nifty managed to reclaim the 15850 mark on a closing basis - Angel Broking
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Sensex (52904) / Nifty (15854)
We had a sluggish start yesterday on the back of muted global cues. In the initial hour, Nifty corrected a bit to enter the sub-15800 territory. However, the intraday sheet anchor of 15750 provided solid support to the benchmark, which resulted in a sustained up move for the remaining part of the session. A smart surge in heavyweight IT counters had the lion share in lifting the market higher from important supports. Eventually Nifty managed to reclaim the 15850 mark on a closing basis.
Very seldom we witness such type of boredom in indices for a continuous stretch of more than a month now. Nobody knows when we would see indices coming out of this congestion zone. Yesterday, if banking space had chipped in, we could have seen Nifty at new high; but unfortunately this was not the case. For the coming session 15900 remains to be a sturdy wall and only a sustainable move beyond this would conclude the slumber phase in our benchmark indices. We reiterate, if this has to happen, BANKNIFTY needs to contribute heavily.
Hence, all eyes on the important level of 35810; because a sustainable move beyond this would confirm a breakout in this space, which would then augur well for the market. On the lower side, 15750 – 15700 are to be seen as immediate support levels.
Nifty Daily Chart
Nifty Bank Outlook - (35668)
We had a dull start for the day in absent of any major trigger in the global as well as domestic market. Post some hiccups in the initial hour of trade, we witnessed smart buy interest to move towards the recent upswing around 35800 mark. However, once again attracted some profit booking at higher levels to eventually conclude the day almost flat.
The banking index finally reclaim 35800 but failed to hold it on the closing basis. However, the overall all chart structure still remains optimistic and any sustainable move beyond 35800-36000 shall fuel the next leg of rally towards the all-time highs. At this point in time, all eyes on the banking index as follow-up activity in coming sessions shall dictate the near term move. For today’s expiry, we would suggest buying ATM call options in case the BankNifty surpasses 35800.
Nifty Bank Daily Chart
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