Nifty kept sliding in the latter half to not only erase all gains but also concluded marginally in the red - Angel Broking
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Sensex (52483) / Nifty (15721)
Our markets opened slightly higher yesterday as indicated by the SGX Nifty. During the first half, Nifty continued its northward march to surpass the 15800 comfortably. However the weaker banking space dragged the benchmark index lower once again and as a result, Nifty kept sliding in the latter half to not only erase all gains but also concluded marginally in the red.
It was yet another dull session for our markets and the financial space once again disappoints. After a significant rally we tend to see such consolidation in key indices, but generally the action continues in individual themes. This time, the stock specific action is also missing and that has been the real frustration for traders. For the coming session, 15700 – 15650 is to be seen as crucial support zone. If any recovery has to happen on the weekly expiry session, it should come from the mentioned supports only and for this, the banking index needs to contribute significantly. On the flipside, the immediate hurdle remains at 15800 – 15900.
Nifty Daily Chart
Nifty Bank Outlook - (34772)
Yesterday, Bank Nifty started on a flat note and attempted a bounce back. This attempt got failed and we witnessed a gradual decline throughout the session to end with a loss of 0.68% at 34772.
On the daily chart, the bank index has now approached a key support level of trend line marked by joining higher bottoms. This support level is also in the vicinity of 20EMA hence we think it is a make or break level for the bank nifty and if any bounce has to come it has to come from here. On the weekly expiry, strong support is placed around 34500 followed by 34200 whereas on the flip side resistance is seen around 35000 and 35200 levels. On the expiry day, we would advise having a stock-specific approach from the basket however one should avoid aggressive bets.
Nifty Bank Daily Chart
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
