IGI Logo

Sensex (60260) / Nifty (17944)

The Indian equity market started the session on a promising note tracking the positive global cues. The optimism across the global bourses and favorable domestic macro data has spread buoyancy to our market, resulting in broad-based buying interest. The benchmark index Nifty50 surged upwards for the seventh consecutive session to reclaim the 17900 level and continued its positive stature by procuring over six-tenth of a percent gain. The bulls have taken complete control of the market and are being very rigid in letting any correction to happen. The broad-based buying has also bolstered positive sentiments across the participants, which are evident on the technical chart. The unilateral movement of the index has placed it toward the psychological mark of 18000, which might hinder the ongoing up move, followed by the weekly swing high of 18100-18150 odd levels that might act as a sturdy wall for the bulls. On the contrary, 17830-17765 is likely to act as the immediate support zone, whereas the sacrosanct support lies around the 17500 mark. There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the IT and Banking space. Looking at the recent developments, the undertone is likely to remain in favor of the bulls, with significant traction seen outside the indices. Hence it is advisable to keep Identifying apt themes and potential movers within the same, which are likely to provide better trading opportunities. Meanwhile, it is also advisable to keep a close tab on global developments.

Nifty Bank Outlook (39462)

For the second consecutive session, the banking index started with a decent gap owing to favorable global cues. As the day progressed, the momentum picked up in the upward direction and as a result, the BANKNIFTY ended with more than half a percent gains tad below the 39500 mark. The recent vertical rally continues and hence it has become tougher for traders due to its steep slope. For the coming session, the immediate resistance zone is visible in the zone 39500-39800 and although the overall undertone is bullish, we advocate on staying light at higher levels. On the flipside, 39200 followed by 39000 are to be treated as immediate supports for the banking index.

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