IGI Logo

Sensex (60136) / Nifty (17946)

Nifty started the day on a flat note and marched higher with the support from the banking heavyweights. It finally tested the 18000 mark which market participants were much awaited for. However, during the later part the index gave up some of the morning gains and ended around 17950 with marginal gains of about three-tenths of a percent.

Nifty finally conquered the 18000 mark during the day which has been a remarkable journey post the Covid led fall in the last year. Although the IT space which has done remarkably well in this uptrend corrected yesterday post the quarterly results of TCS, the banking took the charge yesterday and led to markets to achieve the milestone. The trend still remains positive but still, one needs to be very selective in picking stocks from a short term perspective. The immediate supports for Nifty are placed around 17900, 17840 and 17770 while resistance is seen around 18130. Is is advisable to continue with a stock specific approach and trade with a watch on the above mentioned levels.

Nifty Daily Chart

Nifty Bank Outlook - (38294)

The BANKNIFTY had a muted start yesterday in tandem with the benchmark. However one of the heavyweight spaces IT, started the day with bigger cuts on the back of disappointing set of numbers from TCS. At such hard times, Nifty was needed some helping hand. The banking conglomerates not only provided this support but also propelled the benchmark to record highs beyond 18000. BANKNIFTY remained firm throughout the day to mark highest close ever. For the coming session, 38500 is the first level to watch and any sustainable move beyond this would certainly bode well for the bulls. On the flipside, 38000 followed by 37700 are to be considered as sacrosanct supports now. The coming session would be quite crucial for banking index as it’s likely to set the near term path for the market.

Nifty Bank Daily Chart

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