The benchmark index Nifty looks a bit uncomfortable around 17400 but the moment it falls by nearly a percent - Angel One
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Sensex (58250) / Nifty (17353)
We had a flat opening yesterday in line with quiet global cues. However the intraday movement was exactly a replica of Tuesday’s session. After consolidating above 17350 throughout the first half, the index suddenly started correcting post the mid session and within no time, it tested the 17250 mark. Once again the mighty bears came for a rescue and lifted the benchmark to a comfortable position.
The benchmark index Nifty looks a bit uncomfortable around 17400 but the moment it falls by nearly a percent, the buying tends to happen immediately. So ideally both counterparties are trying to show their presence. As of now, clearly bulls are having a firm grip on the market but as we have been mentioning since a week or so, they would find a bit difficult now going ahead. With a short term view, we remain cautious and advise traders booking profits in the rally. As far as levels are concerned, 17400 - 17450 remains to a sturdy wall; whereas on the flipside, 17300 - 17250 are the levels to watch on a closing basis.
Nifty Daily Chart
Nifty Bank Outlook - (36768)
Bank Nifty yesterday started on a flat note and then an intraday dip was seen along with the benchmark index. However in the penultimate hour the bank index sharply bounced back to eventually end with gains of 0.82% at 36768.
Yesterday, Bank Nifty outperformed and came as a saviour when things started looking bleak for the markets. It helped benchmark Index to bounce from intraday dips and it would be crucial to see if it continues with its outperformance. For the weekly expiry, Bank Nifty seems to have resistance around the 37000 levels and if it sustains above the same we may see further leg of upmove whereas on the flip side, 36400 - 36300 remain a key support to watch. Traders are advised to keep a tab on these levels and trade accordingly.
Nifty Bank Daily Chart
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
