IGI Logo

Sensex (54178) / Nifty (16133)

The positive global cues had led to a promising start to our market on the weekly expiry session. The initial gap up in the benchmark index was sustained throughout the day, suggesting an encouraging sign for the market participants. The rub-off effect of the positivity was visible across the board as the index decisively leaped over the psychological mark. By the end of the session, the Nifty maintained its gain and concluded the day on a positive note at the 16133 level, procuring near a percent.

Technically, the short-term structure seems bullish as the index authoritatively reclaimed the psychological mark. Also, the buying interest towards the fag end augurs well for the market participants, with the Nifty closing near the day’s high. From here on, the unfilled gap on the downside of the 16000-16045 odd level should act as the demand zone and cushion any minor blips. While on the flip side, the 16200 sub-level is likely to be seen as the immediate resistance, breaching which the next potential hurdle could be seen around the 16325-16400 zone.

Going forward, our market is likely to remain upbeat in the near term, wherein any minor dip could be seen as an opportunity for the bulls to add long positions. From here on, we may expect gradual moves in key indices, but individual pockets are now likely to outshine. Hence, it’s advisable to keep focusing on such potential movers, which are likely to provide better trading opportunities. Also, we would like to reiterate not being complacent with the gains and to stay abreast with daily developments across the globe.

Nifty Daily Chart

Nifty Bank Outlook - (34920)

The stage was set on Wednesday the way market closed around crucial levels and global market didn’t pour water on this. We had a gap up opening in banking index too and then continued its northward move in the initial hours. Around the midsession, it came off a bit but some of the banking counters just picked the momentum from there. Eventually, the BANKNIFTY ended the weekly expiry session at day’s high and is now about the knock the door at 35000

Our market participants finally had something to cheer for. Last month and a half has been a slumber phase, which prima facie appears to have ended for a while. For the coming session, we expect the momentum to continue towards 35400 - 35600 once we see banking index surpassing the crucial zone of 35000- 35100. On the flipside, 34700 followed by 34500 are to be considered as immediate supports. We advise momentum traders not to get complacent and look to take some money off the table around the higher trading range.

Nifty Bank Daily Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.angelone.in/ 
SEBI Regn. No.: INZ000161534

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer