Markets started the session with a good bump up well above 17300 - Angel One Ltd
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Sensex (57901) / Nifty (17248)
US markets had a remarkable rally overnight to close at day’s high post the Fed meeting. This brought some excitement across the globe yesterday morning and in line with this, our markets started the session with a good bump up well above 17300. However once again it failed to hold its early lead as we witnessed market not only erasing gains but also sliding in the negative terrain as the day progressed. Eventually Nifty concluded the weekly expiry marginally in the green; courtesy to some tail end recovery.
Yesterday’s price action was almost a replica of previous session where markets corrected from its opening points and remained under pressure for the major part of the day. Although we are witnessing some weakness, overall market is trapped in a range which is getting contracted day by day. Whenever the trading range keeps shrinking, the breakout becomes imminent but direction cannot be pre-empted. Due to last couple of days’ price development, 17200 has now become a key support and the moment we see market sustaining below it, the recent downtrend will certainly get resumed to see sub-17000 territory again. On the flipside, 17350 – 17400 would be seen as immediate hurdles. Let’s see how things pan out going ahead and banking becomes the key component here, which is likely to dictate the immediate trend.
Nifty Daily Chart
Nifty Bank Outlook - (36549)
Bank Nifty as well started on a positive note however it lacked followup buying at higher levels and continued to creep lower throughout the session to eventually end with a loss of 0.65% at 36549.
Post the strong bounce-back move seen on the 7th and 8th of December; the bank nifty has been witnessing a lethargic move since then and has now reached 61.8% retracement of the mentioned bounce. Even though the bounce has lost its significance; the level around 36400 (retracement level) is crucial as a sustained trade below it can drag bank nifty back towards 35700 levels. On the flip side, 37000 - 37200 continuous to act as immediate resistance, and the first sign of strength can only be seen on close above the same. Traders are advised to keep a tab on the mentioned levels and trade accordingly.
Nifty Bank Daily Chart
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