The Indian equity markets had a timid start to the week, taking cues from the bleak Asian bourses - Angel One
Sensex (61145) / Nifty (18160)
The Indian equity markets had a timid start to the week, taking cues from the bleak Asian bourses. The benchmark index Nifty50 slipped into the bullish gap at the very beginning of the opening bell and stayed in a slender range at the lower zone throughout. The bulls hesitated to capitalize on the dip, and Nifty concluded the day with a cut of 0.81 percent, a tad above the 18150 level.
Technically speaking, the current placement of the index is at a crucial level now, which is also highly anticipated to be a strong demand zone. The market sentiments are still upbeat, and till the index manages to sustain above the 18100-18000 zone, dips could be seen as a buying opportunity for the participants. As far as levels are concerned, the psychological mark of 18000 is likely to act as the sheet anchors’ role, before which 18100 could provide a pitstop to the cool-off in the index. On the higher end, 18250-18300 is the intermediate resistance, followed by the sturdy hurdle of 18450- 18500.
Nifty Bank Outlook (42347)
Bank Nifty as well started on a negative note however there was a lack of traction after opening and after trading in a range for the major part there was buying seen at lower levels that regained a major part of the morning's lost ground. Eventually, the bank index ended around the high point of the day with a minor loss of 0.21% at 42347.
On the technical front, there's no major change in the price structure and prices are in a consolidation phase within a primary uptrend. We have to reiterate that since the index intraday movement is lethargic, one should rather focus on individual stocks that are giving outperforming opportunities. The PSU Bank Index was up more than a percent and many individual stocks from this basket were up more than 10%. Traders are hence advised to focus outside the index and continue with stock centric approach. As far as levels are concerned, immediate support is seen in the zone of 42100 - 42000 whereas resistance is seen at 42500 - 42660 levels.
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