IGI Logo

Sensex (65556) / Nifty (19414)

Tracking the positive global bourses, the Indian indices witnessed a buoyant start, wherein the benchmark index soared to uncharted territory and kept momentum during the initial half of the day. However, bulls failed to sustain the higher grounds and lost their grip during the second half of the session, which pared down a significant portion of gains. Eventually, post the volatile day of trade, the Nifty50 index concluded the session around 19400 levels, procuring 0.15 percent from the last closure.

The indices witnessed a volatile weekly expiry session, wherein a tug of war could be seen in the benchmark index. However, the technical structure remains unchanged post the whipsaws move. On the technical front, the indicators still showcase overbought sentiments, but the bulls are resilient in letting loose their grip. As far as levels are concerned, an authoritative closure above 19500 could only trigger the next leg of rally towards 19600-19650. On the flip side, a series of support zone could be seen from 19350-19300 on an immediate basis, while the sacrosanct support lies at the bullish gap of 19200-19235.

Nifty Bank Outlook (44665)

The trading session for Bank Nifty began with a significant gap up opening above the previous session's high. Initially, it appeared that the bulls would maintain control, similar to the previous weekly expiry, and we could witness an upward trend. However, there was a lack of follow-up buying at higher levels, followed by a sharp sell-off during the second half of the session. This sell-off erased most of the morning gains to eventually end on a muted note at 44665.

In our previous outlook, we mentioned the formation of a Bullish Wolfe Wave pattern on the hourly charts, and yesterday's session saw a strong opening that supported this observation. However, the bullish sentiment was not as strong as anticipated, and prices have retraced back to the previous closing level, coinciding with a crucial support zone. On the daily chart, the range of 44500 – 44400 represents a robust confluence area, characterized by the previous breakout level, the 20-day Simple Moving Average (SMA), and a key retracement level.

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