The Indian equity market started the day on a strong note - Angel One
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Sensex (58238) / Nifty (17154
The Indian equity market started the day on a strong note, wherein the benchmark index retested the 17500 zone within minutes after the opening bell. However, it appeared to be a false momentum as the index took a U-turn to pare down the early gains and gradually nosedived into negative terrain. Amidst the hustle, the Nifty50 index slipped to a fresh low in the current calendar year with a cut of 1.49 percent and settled around the 17150 level.
The rub-off effect of the global weakness was quite evident in our market as we failed to sustain at the higher grounds. Technically, our market is in the cycle of lower lows – lower bottoms formation and with yesterday’s strong sell-off, Nifty plunged to new lows, denting sentiments. As far as levels are concerned, the psychological mark of 17000 is in the vicinity now, followed by 16900. While on the flip side, the 200 SMA placed around the 17400-17450 odd zone is expected to act as a sturdy hurdle in a comparable period.
Going ahead, any positive developments in the US market could bring some cheer back and hence one needs to keep a close tab on global bourses. Meanwhile, we advocate to avoid aggressive bets and keep accumulating quality propositions in a staggered manner.
Nifty Bank Outlook (39565)
Despite starting negatively, the Bank Index experienced strong positive movement during the initial few minutes. However, this was short-lived as a sharp selloff erased morning gains and further weakness resulted in a sharp cut of 2.27% to end at 39565.
Over the last three sessions, the index has declined by more than 2000 points, and it is now approaching a key support zone between 39400-39200 levels. These levels coincide with the 200SMA and recent swing lows. Even if this support zone is breached, it may not be advisable to take fresh short positions because the hourly indicators are oversold, and there is positive divergence in the RSI. Due to the high volatility in the banking counters, it is best to avoid undue risk. Instead, investors should wait for bullish reversal signs and accumulate high-quality propositions in a staggered manner. In terms of resistance levels, 40000-40350 is likely to act as immediate resistance.
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