The BankNifty began yesterday`s session on a positive note - Angel Broking
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Sensex (49746) / Nifty (14874)
We had a gap up opening yesterday owing to favourable cues from the global peers. Since we kick-started the session beyond the recent hurdle of 14900, the lead extended in the following hours. Things were looking extremely rosy for the major part of the session and lot of individual themes did extremely well.
But all of a sudden at the stroke of the penultimate hour, the Nifty nosedived towards 14800 before anyone could realise. Fortunately, the fall restricted around the psychological mark and we had a modest recovery in last few minutes of trade to regain the positive terrain at the close. Since last twelve trading sessions, we were unable to go beyond the sturdy wall of 14900.
Yesterday, at the opening we managed to conquer it and for the major part of the day, we maintained a good positive posture to extend gains at the mid-session. However, we were a bit sceptical of this up move during the day and did not get carried away by this. This strategy played out well as we witnessed a sudden correction in the last hour to refuse the daily close above 14900.
For the coming session. 14900 – 15000 remains to be a key resistance zone and till the time we do not confirm a convincing close above it, we would avoid aggressive bets on the long side, especially in sensitive names. On the downside, 14800 followed by 14750 would be seen as immediate supports.
Traders are advised to keep a close tab on above mentioned levels and should continue with a stock centric approach; because still there are bunch of interesting themes that are doing exceedingly well in the market.
Nifty Daily Chart
Nifty Bank Outlook - (32783)
Post Wednesday’s outperformance, the BankNifty began yesterday’s session on a positive note and gain some strength in the initial half an hour of trade to surpass 33300 mark. However, these gains were short lived as we saw decent selling pressure at the higher levels which pulled index towards sub-33000 levels. In the midst, one more attempt of pullback was seen which got sold into in the final hour. Eventually, we concluded the weekly expiry day tad below 32800 with the loss of 0.63%.
In our previous couple of articles, we have been mentioning that if Nifty has to gain further strength BankNifty should also participate. Seeing Wednesday’s outperformance from banking space, things looked quite optimistic but we weren’t sure and hence opted to wait for followup buying. Despite decent opening, the follow-up buying was really missing yesterday and every attempt of recovery got failed.
Considering yesterday’s development, we are still uncertain about the trend reversal in BankNifty and hence, would maintain our cautious stance on same. Traders are advised to stay light particularly in this space now and should rather focus on other individual names that are really doing great. For the coming session, 33300-33500 remains a study hurdle; whereas, 32300- 32000 are the immediate support zone.
Nifty Bank Daily Chart
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