IGI Logo

Sensex (60093) / Nifty (17895)

The Indian equity market had a decent start taking cues from positive global peers, wherein the benchmark index started on an optimistic note above the 18000 mark. However, the markets were hesitant to carry the momentum in the initial hours and kept hustling near the psychological mark. By mid-session, the bears showed their presence by tightening their grip, which faded away all the optimism and dragged Nifty to the lower grounds. Post all the hustles, Nifty settled the day in red with a mere loss of 0.34 percent, a tad below the 17900 level.

Technically speaking, nothing has been changed in the index as Nifty struggles within the same bandwidth of 200-300 odd points. As far as levels are concerned, 17750-17800 is likely to act as the sacrosanct support zone and till it is firmly held, the undertone is expected to remain buoyant. On the flip side, 18000-18100 remains the sturdy wall for the bulls. In such a market scenario, the apt approach which is likely to play well is to buy on declines as near as the mentioned support and sell on the rise.

Nifty Bank Outlook (42168)

Despite SGX was indicating a muted opening, our markets started the week on a pleasant note. The banking index held its gains during the initial hour and was all prepared for a move beyond 42700. However, like recent behaviour, the market struggled at higher levels and after some resilience, the BANKNIFTY too succumbed to the selling pressure. Eventually, with a small recovery towards the end, the index concluded the session with nearly half a percent loss.

On a closing basis, we may not see considerable damage; but on an intraday basis, the banking index shed 600 points, which aptly portrays the actual price action. The consolidation continues for the market and the wait elongates further. It’s become a painful process, trading this range as key indices fail to confirm the immediate direction. As far as levels are concerned, 42500 – 42750 remains to be a sturdy wall and till the time, we do not see breakout happening, it’s better to stay light on positions. On the flipside, the support base remains at 42000 followed by 41800.

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.angelone.in/ 
SEBI Regn. No.: INZ000161534

Above views are of the author and not of the website kindly read disclaimer