The BankNifty surpassed the resistance zone around 37300-37400 zone to nearly touch 37600 mark - Angel One Ltd
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Sensex (58117) / Nifty (17325)
Monday’s sell off was followed by a weak opening yesterday morning on the back of nervous global cues. Thereafter, we witnessed some volatile swings in the first half but fortunately it was in a small band of 120 – 140 points as benchmark index kept oscillating on both ends of the range. Eventually, the bulls managed to defend the 17300 mark convincingly by restricting losses to merely one fourth of a percent.
Our markets suddenly took a U-turn on Monday in the latter half after entering the sturdy wall of 17600 – 17700. We were off nearly 300 points before anyone could realize and to make it worse, US markets had a weak session overnight. This resulted in a nervous start to almost test the key support of 17200. Fortunately there was no further aberration yesterday; but traders need to be very watchful going ahead. As of now, 17200 – 17100 remains to be a strong support; whereas on the flipside, 17400 – 17500 are to be seen as immediate hurdles. Looking at yesterday’s close, we expect this consolidation to continue and in such times, one needs to keep focusing on individual stocks that are likely to provide better trading opportunities.
Nifty Daily Chart
Nifty Bank Outlook - (36894)
Post Monday’s sell-off, global market hinted a week start for our market and as expected we did see the rub-off effect to begin the session with an downside gap. In the initial two hours, index struggled to post intraday lows of 36544.40 but soon not only recovered to reclaim 37000 mark. In absence of any following buying in the vicinity of 37000, the banking index concluded the day with marginal loss to previous day’s close.
On Monday, the BankNifty surpassed the resistance zone around 37300-37400 zone to nearly touch 37600 mark. However, this just appeared to trap for those who were waiting for this breakout as bear looked dominating to drag index below 36900. Yesterday, we once again observed some recovery but 37000 acted as a supply zone. Considering last two sessions price action, we dont expect major upside from hereon; hence, traders are advised avoiding any bullish bets for the time being and should rather focus on individual bets which are providing better trade set-up.
Nifty Bank Daily Chart
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