Nifty opened on a positive note and then went into a consolidation mode for the remaining pat of the session - Angel Broking
Sensex (48678) / Nifty (14618)
The SGX Nifty had displayed lot of action ahead of market opening as we saw it not only recovering from lower levels but indicating a strong start for our markets. This happened after the announcement of RBI Governor to make an unscheduled speech at 10 am. In line with this, Nifty opened on a positive note and then went into a consolidation mode for the remaining pat of the session. Although there was some volatility visible during the day, the overall intraday activity was trapped in a range. Eventually, Nifty ended the session with nearly eight tenths of a percent gains by reclaiming the 14600 mark.
Since last few days we have been mentioning how the key indices are showing no trend at all. At the end of the day, they might close in green or red; but the overall action is very much muted for indices. However, the real action still continues from the different themes of the market. For the coming session, 14550 – 14450 – 14400 are to be seen as immediate supports and on the higher side, 14730 is the level to watch out for. If any small directional move is to be seen in Nifty it either needs to surpass 14730 or break below 14400. Till then better to avoid index and focus strictly on individual stocks that are doing exceedingly well.
Nifty Daily Chart
Nifty Bank Outlook - (32784)
Yesterday, the central bank held an unscheduled meeting which resulted in a positive start for the day. In the initial hour, we saw some hiccups as the banking index hits a low around the important mark of 32000; however, as we progressed the index inched higher during the remaining part of the day to conclude the session at the highest point with the gains of 1.59%.
It been third straight session, wherein the BankNifty has shown some buying attraction around the support zone of 32000- 32200; this also coincide with the 89 EMA in the daily chart that is placed around 32400. Despite some initiative by RBI yesterday to provide relief to borrowers affected by the second wave of Covid, we hardly saw any major price action in our market. We have been mentioning, that the index has been stuck in a range of 32000-34000 and until we don’t see any decisive move beyond these levels traders are advised staying light on positions especially in index.
Nifty Bank Daily Chart
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One