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Sensex (59146) / Nifty (17630)

Nifty started the day on a positive note and kept the momentum going to add another 100 points to the ongoing rally and end well above 17600.

The upmove continues for Nifty and yesterday some of the recent underperforming stocks showed a catch up move. The banking index rallied sharply to cover some of its recent underperformance and has marched towards its all-time highs. However, the broader markets consolidated a bit and focus was clearly in selective pockets. We continue with our advice for traders to be selective and look for outperforming sectors/stocks and from a trading perspective. With the index moving higher in an uncharted territory, the immediate support base has shifted to 17500-17400 range while 17700-17800 would be seen as immediate levels on upside. We reiterate traders to avoid aggressive overnight trades and trade with proper risk management.

Nifty Daily Chart

Nifty Bank Outlook - (37669)

The BANKNIFTY started the day on a pleasant note in line with the benchmark index. The banking space carried its positivity from the previous session but this time it was gearing up for some bigger reasons. As the day progressed, the buying momentum accelerated in some of the banking stocks which continued for the remainder of the day. Eventually, the BANKNIFTY posted handsome gains over a couple of percent to hasten slightly beyond its previous highs.

Taking a glance at the intraday charts, we can see banking index literally taking off after sustaining beyond the strong barrier at 37000. There was no looking back then as it just kept ascending with the series of higher highs and higher lows. The BANKNIFTY is finally out of the slumber phase and the way it’s shaped up, it should ideally lead the benchmarks to new highs.

But now going back to our recent stance, we would certainly be watchful of overall proceedings in the coming session In the coming session, if we witness a sustainable breakout beyond 37800 – 38000, we would see continuation of this upward momentum in the banking space. However, if there is no follow up to today’s spectacular move, the bulls would certainly be disappointe

Nifty Bank Daily Chart

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