The global markets corrected sharply and thus the cues were not much positive at the opening yesterday - Angel One Ltd
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Sensex (59413) / Nifty (17711)
The global markets corrected sharply and thus the cues were not much positive at the opening yesterday. Hence, inspite of the recovery from the lows on Tuesday, we started yesterday’s sessions on a negative note. However, there was no follow up selling and the index gradually recovered to recoup the losses at one point of time. Nifty ended the session marginally negative above 17700.
nspite of the negative start, Nifty managed to trade above its previous session low of 17575 which is an important support level (89 EMA on the hourly chart). Nifty consolidated within a range, but the short term support of 17800 which was breached on Tuesday acted as a resistance, and the index did not surpass that either. However, outside the index the stock specific movement was positive and provided good trading opportunities for day traders. The monthly F&O expiry day could be interesting as the market is showing some uncertainty and rising VIX levels could lead to some higher volatility
The level around 17575 would be the crucial support and if this is breached, then we would expect some deeper price wise correction in coming days. On the flipside, 17800 and 17900 are the immediate resistances to watch out for. Traders are advised to continue to trade with a sector/stock specific approach and avoid aggressive positions.
Nifty Daily Chart
Nifty Bank Outlook - (37743)
Yesterday our markets started on a negative note however there was no major sell-off after the gap down. Subsequently, the Bank Nifty gradually moved higher but again faced resistance around the 38000 mark. It eventually ended with loss of around half a percent at 37743
It was a session of mixed bias as we witnessed selling pressure in the private bank space whereas strong buying momentum was seen in PSU bank space. On the expiry day, traders should continue to focus on stock specific trades however should avoid aggressive bets. As far as levels are concerned 38000 remains a key resistance followed by 38300. On the flip side, strong demand is seen around 37300 - 37400 for the last two days and next leg of weakness can only be seen on prices sustaining below it.
Nifty Bank Daily Chart
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