Globally things have improved drastically and hence we being the stronger market - Angel One
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Sensex (58222) / Nifty (17332)
Our markets started the session with yet another upside gap post the mid-week holiday on Thursday. In the initial trades, Nifty hastened towards 17400 and then slipped into a consolidation mode for the major part of session. Eventually, with traders opting to take some money off the table after two days’ of giant leap, Nifty ended the session convincingly above 17300 by trimming some portion of gains to 0.33%.
Globally things have improved drastically and hence we being the stronger market, managed to give a sharp recovery from Monday’s low. Now although, we witnessed a small correction during the latter part of the session, we continue to remain sanguine and expect the market to attract buying interest at lower levels. Technically, prices have stayed beyond the key ’20-EMA’ on the daily time frame chart, indicating inherent strength. As far as levels are concerned, 17200 – 17000 to be considered as a sacrosanct zone and any decline in the vicinity of the same, should be utilized to go long. On the flipside, 17400 and then we can see Nifty extending the gains towards 17500 – 17650 levels in coming days.
Nifty Bank Outlook (39283)
Similar to Tuesday’s session, we started the proceeding with an upside gap and then index consolidated in the initial couple of hours. Suddenly, fresh buying interest emerged in the midst to reclaim 39600 but profit booking at higher levels erased some portion of gains to finally settle the day with 0.44%.
Recently, the banking index has precisely rebounded from the support zone around 89 EMA in the daily chart and the formation of strong bullish engulfing candle on Friday has been a positive development. We have been mentioning in our previous articles to maintain a positive bias and we still believe market may further rally, hence any intraday declines should be used as an opportunity to add fresh bullish bets. As far as levels are concerned, immediate support is at 39000 – 39200; whereas resistance is at 39600 - 39800 levels.
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