The Bank Nifty index had a splendid run wherein it almost tested the lifetime high levels - Angel One
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Sensex (62346) / Nifty (18399)
Despite not so favourable global cues, our markets started the week marginally in the green. After the initial seesaw, the bulls earned the dominant position and then continued its northward move to even surpass the 18450 mark on an intraday basis. However, with a modest profit booking towards the fag end, Nifty concluded the session around the 18400 mark by pocketing nearly half a percent gains.
Yesterday’s up move is a sheer display of our inherent strength. Over the weekend, the developments on the global as well as domestic front indicated a bit shaky start; but our markets stabilised in the initial trades to continue its northward journey. Towards the end, although some profit booking was witnessed, the structure remains strong, and we expect the benchmark index to challenge the next resistance of 18500 quite soon. On the flipside, 18350 – 18290 are to be considered as immediate supports.
Nifty Bank Outlook (44072)
The Bank Nifty index had a splendid run wherein it almost tested the lifetime high levels amid the buoyancy in the heavyweight counters. Also, the ease in the inflation data led to a sentimental rush in the high beta index, which levitated the overall market sentiments. Amidst the strong day of trade, the Banking index witnessed the highest-ever close ending with gains of 0.64% tad below 44100 levels.
Technically, the chart structure construes a robust development and with the ongoing momentum, it is highly anticipated to surpass the highs and enter uncharted territory in the near period. As far as levels are concerned, 44000-43800 is likely to cushion any blip, followed by the 43500 zone. On the flip side, 44500 could be seen as the immediate pit-stop for the bulls. The undertone is strongly bullish, wherein intraday correction could be seen as an opportunity to add long positions in the index. Meanwhile, a pool of BFSI counters showcased immense strength. Hence, one needs to keep a close tab on the thematic movers for better trading opportunities.
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