Nifty has clearly over surpassed our expectations after extending the relief move beyond 17350 - Angel One Ltd
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Sensex (58461) / Nifty (17402)
US markets had a massive volatility during the previous night and towards the end they took a nosedive from the day high. As a result of this, yesterday early morning the SGX Nifty was first indicating a massive gap down. But as we came closer to our opening point, the global picture changed. Our markets started the day on a positive note; courtesy to some relief in the global peers. In fact as the day progressed, the buying momentum kept accelerating to conclude the weekly expiry precisely at 17400 by adding nearly 1.40% to the previous close.
The kind of price development we had in the previous session, the possibility of some recovery was on cards. But honestly speaking, Nifty has clearly over surpassed our expectations after extending the relief move beyond 17350. Now looking at the individual stocks, we may see Nifty heading towards 17500 – 17600; but we reiterate, markets are not completely out of the woods yet and hence, it’s advisable to stay light after nearing this zone. On the flipside, 17300 – 17200 are to be seen as intraday supports.
For today’s session, if Nifty continues with the bounce back mode, one can look to identify potential candidates that are trading at key supports and are likely to provide good buying opportunity. But we reiterate, our positional view remains bearish and hence, it’s advisable to book intraday profits if Nifty enters the above mentioned resistance zone.
Nifty Daily Chart
Nifty Bank Outlook - (36508)
We had a slightly negative start for the weekly expiry day. Index witnessed some hiccups to hit day’s lows below 35200 but recovered to soon enter positive terrain. However, with no major action in the remaining part of the day we concluded tad above 36500.
The banking index clearly looked reluctant showcase any excitement despite the benchmark index showed a fabulous recovery to rally near 1.40%. If we consider the recent price action, this would look as a normal practice. Hence, until we don’t see a sustainable move beyond 37000-37200 we would just avoid any aggressive bullish bets in this space. Going ahead, 36000-37000 shall we the range and violation of this in either direction shall dictate for future move; till then trader’s’ are advised to stay light specifically in BankNifty.
Nifty Bank Daily Chart
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