The global volatility has subsided drastically and due to this cooling off, we are witnessing a positive reaction in our markets - Angel Broking
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Sensex (50204) / Nifty (15108)
Since last couple of days, the global volatility has subsided drastically and due to this cooling off, we are witnessing a positive reaction in our markets. On Monday, market gathered all elements that were required for a breakout beyond 15000. Very much on expected lines, we kick-started the day with a bang beyond the psychological barrier of 15000 and then extended the lead in the initial hour. After cementing its position above 15050, we witnessed some consolidation for the major part of the day. Eventually the index managed to reclaim 15100 on a closing basis by adding another percent to the bulls’ kitty.
Last week, the sudden fall in global markets led to some nervousness here as well but we did not fall to the tune of global peers. That indicated the inherent strength in our markets. Hence, the moment we saw some recovery or a cooling off across the globe, our market just took off and went beyond recent consolidation range. Going forward if we do not see any aberration globally, we are very much poised to test the record highs soon or may even go beyond it. Before this, 15220 – 15340 are the levels to watch out for. On the flipside, the previous resistance zone of 15050 – 14970 is likely to act as a sheet anchor now. Yesterday although the financial space did not move to the tune of Monday’s gigantic rally, it still has the lion’s share in pushing the Nifty beyond the sturdy wall of 15000.
Also lot of other sectors started chipping in and have seen some mesmerizing moves in the individual stocks. Apart from this, the broader end of the spectrum continues to enjoy its dream run. Traders are advised to stick to a stock centric approach because we continue to expect the outperformance from the broader market.
Nifty Daily Chart
Nifty Bank Outlook - (33922)
Post Monday’s fabulous run, we once again kick started the day with the upside gap and extended the move beyond 34100 in the initial half an hour of trade. As we progressed, the follow-up buying was lacking as traders preferred booking profits and then index consolidated for the major part of the day. Eventually, we concluded the second consecutive session on a strong note with the gains of another 1.38% to its previous close.
Last two weeks, we saw index trading in the tight range wherein 32000 mark acted as a strong demand zone. Despite, some nervousness in the global market we managed to hold on the key support levels and once things looked settled; we witnessed a sharp uptick for second straight session. Considering the recent development, we expect further strength from hereon. At current juncture, 34300-34500 is an immediate hurdle which BankNifty can easily surpass and then head towards the life time highs. On the downside, we expect the gap area formed around 33500- 33700 to now as a demand zone. Hence, traders’ are advised trading with the positive bias and utilize intraday declines to add fresh longs.
Nifty Bank Daily Chart
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On the higher side, immediate resistance is seen around 36000 - 36200 levels - Angel One
![Nifty started the day marginally positive and traded in a range for the first couple of hours - Angel One](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/09/76f068e997559da07c573304813e5eb1.jpg)
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The pattern also provides a likely target zone been placed around 15400-15500 zone - Tradebulls
![Nifty futures closed at 16517 on a positive note with 5.08% increase in the open interest indicating Long Build Up - Axis Securities](https://portfolio.investmentguruindia.com/investmentguruimages/upload/post/2021/08/3538d6aa396d7d5c752ae7e15dad52a3.jpg)
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