Nifty started the session marginally positive and it then crept higher throughout the day to post its highest close at 17234 with gains of almost a percent - Angel One
Follow us Now on Telegram ! Get daily 10 - 12 important updates on Business, Finance and Investment. Join our Telegram Channel
Sensex (57853) / Nifty (17234)
Nifty started the session marginally positive and it then crept higher throughout the day to post its highest close at 17234 with gains of almost a percent.
The bulls continue with their relentless run and with a broad market participation, Nifty has ended comfortably above 17200. The index heavyweights have seen a good buying interest this week which has led to the acceleration of the momentum. Yesterday, we highlighted that the RSI oscillator on lower time frame charts is overbought and next couple of sessions could be crucial to determine whether there’s any pause in the ongoing trend. As of now, there’s no sign of weakness and hence, we may see the index moving towards its next resistances of 17270 and 17330. The near term support zone is now placed around 17100-17050 for Nifty. Traders are advised to look for sectors/stocks which are in momentum on a given day and trade with the trend in such counters. Also, at higher levels one should look to book timely profits on their trading positions
Nifty Daily Chart
Nifty Bank Outlook - (36831)
The banking index had a quite start yesterday after Wednesday’s zig zag move. After some initial trades, the banking index resumed its northward trajectory and thereafter had a steady up move to conclude the weekly expiry with seven tenths of a percent gains.
The move in banking space was not at all overpowering but it wasn’t unnoticeable either. So we can say with its average performance, it did manage to contribute a little in pushing the benchmark index at new highs. Going ahead, 37000 – 37100 are the levels to watch out for and any move beyond this zone would trigger some buying interest in banking conglomerates. Until then expect some range bound movement where 36400 – 36200 would be considered a key support zone.
Nifty Bank Daily Chart
To Read Complete Report & Disclaimer Click Here
Please refer disclaimer at https://trade.angelbroking.com/Downloads/ARQ-Disclaimer-Note.pdf
SEBI Registration number is INH000000164
Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer
Tag News
On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
