Index opened higher in tandem with the benchmark and then erased early gains as the day progressed - Angel One
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Sensex (54253) / Nifty (16170)
An action-packed session was seen in our domestic market with a V-shaped recovery amid the expiry day. The benchmark index nifty50 started the day with a gap up that soon got sold into, and it breached the psychological mark to test intraday lows of 15904 odd levels. However, the short covering in the midsession triggered a brisk rally that pared down all the initial loss, followed by the broad-based optimism that boosted the market sentiments and snapped the week's selling spree. The Nifty concluded the expiry session at the day’s high with a gain of 0.90 percent
Technically speaking, bulls retaliated to safeguard the psychological mark of 16000 quite well and have made a remarkable comeback. Though it would be early to advocate any reversal in the trend until the significant hurdle of the unfilled gap placed at 16480-16650 is not taken out. The index is expected to consolidate in the slender range for the time being. On the downside, the 16000 mark has once again proved its mettle and is likely to play the sheet anchor role in the near future. While on the contrary, the immediate resistance is placed around 16400, followed by the mentioned gap.
Looking at the recent price action, we would like to reiterate not being complacent and staying abreast with daily developments across the globe. A strong leadership from major sectors could help gain momentum in the domestic market. Hence, traders should focus on thematic moves in the market from the next derivatives series.
Nifty Daily Chart
Nifty Bank Outlook - (35095)
Similar to previous session, the banking index opened higher in tandem with the benchmark and then erased early gains as the day progressed. At one point, it was about to enter the negative territory but fortunately some buying at lower levels did not let this happen. In fact, post the mid session, the buying emerged at some pace across the broader market and banking being the outperforming one, just took off to test recent hurdle of 34700 – 34800. This time, the up move was here not get perished as we saw acceleration of buying to surpass the 35000 mark with some authority
Yesterday, the banking space led from the front and was a charioteer of pulling the benchmark from the challenging position to a safer terrain. With this, BANKNIFTY has confirmed a breakout from the sturdy wall of 34700 – 34800 which coincides with the ’20-day EMA’. Hence, we expect the banking index to continue its northward trajectory now and move towards 35500 – 35800 in next couple of sessions. This will certainly bolster the overall sentiments among the market participants. Traders are advised to trade with a positive bias and use any decline towards 34800 – 34700 to add fresh long positions.
Nifty Bank Daily Chart
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