The Indian equity market started the day with a gap-up opening amid the positive global cues - Angel One
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Sensex (56817) / Nifty (16976)
The Indian equity market started the day with a gap-up opening amid the positive global cues. The benchmark index remained in a slender range for most of the session until a strong buying weighed into the penultimate hour. The broad-based buying has poured some bullish sentiments across the bourses, wherein the index Nifty50 concluded the day in green with gains of 1.87 percent, a tad below the 17000 mark.
The index has marched firmly towards the critical resistance zone of the unfilled gap and the 200 SMA, showing reinforcement in the momentum. On technical aspects, a bullish indication has been showcased among various indicators, affirming the strength. However, it would be crucial to watch whether the hurdle would be taken over with authority or not. On an immediate basis, any decisive move above the psychological mark of 17000 could be seen in favor of the bulls, with immediate upside potential to test the 17200-17300 zone. While on the lower end, the support seems to shift upwards around 16700 levels, followed by the sacrosanct zone of 16500.
The volatility index has cooled off by 10 odd percent in a day, which is a sign of diminishing uncertainty. Hence, going ahead, traders are advised to keep a close tab on the mentioned levels and continue with a stock-centric approach.
Exhibit 1: Nifty Daily Chart
Nifty Bank Outlook - (35748)
Tuesday’s stressful session was followed by a massive bump up at the opening on Wednesday owing to extremely cheerful mood across the globe. During the remaining part of the session, we witnessed banking index oscillating in a slender range to keep its opening gains intact. Eventually, the BANKNIFTY managed to conclude the session with handsome gains just over a couple of percent.
In last 4 – 5 trading sessions, we witnessed a stellar recovery of nearly 10% in this high beta index and with this, it had reached its important resistance of ’20-day EMA’ placed around 35700. Hence, traders chose to book some profits around it during Tuesday’s session. But as mentioned in the previous commentary, the positive placement in ‘RSI-Smoothened’ on daily chart was clearly indicating of resuming the upward trajectory. Without wasting much of time, the index went on to not only challenge but also surpassed this hurdle on the following session itself. Now for the coming session, the immediate levels to watch out for would be around 36000 – 36200; whereas on the flipside, 35400 followed by 35000 are to be seen as key supports.
Exhibit 2: Nifty Bank Daily Chart
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