The Nifty spent a lot of time before cracking down in the final hour - Angel Broking
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Sensex (49180) / Nifty (14549)
Yesterday morning, all Asian bourses were trading nervous which eventually resulted in a decent gap down opening in our market as well. The weakness extended as the day progressed to initially enter a sub-14700 territory. Around 14600 – 14650, the Nifty spent a lot of time before cracking down in the final hour. At the end, the Nifty concluded the session with nearly two percent cut to mark lowest close in the March month.
On Tuesday, we had some volatile swings in the market and despite market trading in the green for the major time, the conviction was clearly lacking in the up move. Also, the way we closed below the ’20-day EMA’, the possibility of some correction was on cards, which got confirmed after breaking the low of 14707. Yesterday’s correction, the selloff was witnessed across the board and hence, further correction cannot be ruled out on the expiry day. As far as levels are concerned, 14470 – 14350 are the levels to watch out for; whereas on the upside, 14650 – 14700 has become immediate hurdles. We continue to remain cautious and advise against creating aggressive bets in the market for a while.
Nifty Daily Chart
Nifty Bank Outlook - (33293)
Post Tuesday’s strength, we began yesterday’s session with a downside gap amidst weakness in global market. As the day progressed, we saw follow-up selling to drag index towards Tuesday’s low and then some consolidation was observed. In the final hour of trade, the BankNifty finally plunged below the recent support around 33300-33400 and concluded the day almost at the lowest point with a cut of more than two and a half percent.
As we have been mentioning in our previous articles, the biggest picture wasn’t very encouraging despite some upmove seen in Tuesday’s session. Considering the sell-off seen in the yesterday’s session, we expect further selling pressure going ahead; hence, traders are advised exiting longs if any and should rather prefer adding shorts on pull back. As far as levels are concerned, 33700- 33800 should now act as supply zone; whereas, immediate support is now placed around 32300-32400.
Nifty Bank Daily Chart
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