IGI Logo

Sensex (60393) / Nifty (17812)

Our markets started the session on a positive note and after initial hesitancy, the buying resumed in the broader markets to push Nifty beyond the recent highs of 17800 mark. Quite similar to the last few sessions, Nifty remained buoyant on the Intra-day dips, and the winning streak continued for the eighth consecutive session. Bulls eventually added another half a percent to their kitty with Nifty closing a tad above 17800

Markets remain sanguine, as one after another the intermediate resistances are broken with ease. After the recent trend line breakout that we highlighted in our previous commentary, Nifty has now broken the March month swing high of 17800. This is a very positive development because prices have broken above a major swing high for the first time in this calendar year. Going with the current broad-based buying and momentum, we expect this northward journey to continue; whereas the next set of resistance is seen at the psychological level of 18000 followed by the next swing high of 18137. Having said that, one should avoid being complacent as this recent up-move has been very steep without any breather and hence, some in-between pause or mild profit booking cannot be ruled out. The ideal approach would be to continue using dips as a buying opportunity

Nifty Bank Outlook (41558)

Trading for the banking index started on a slightly positive note and as we progressed the index gradually inched higher to mark highs above 41600. It has indeed been a smooth ride for the market with no major dips during the day to settle with 0.46% of gains to the previous day's close. Technically speaking, we haven't seen any major price action in yesterday's session, but the kind of inherent strength observed in the last couple of sessions is indeed remarkable. The index has now approached the hurdle of March swing highs around 41600-41700; but considering the recent strength, we expect the ride to extend beyond mentioned resistances in days to come. Obviously, the in between pauses cannot be ruled out considering the steep ride in last few sessions. As far as supports are concerned, 41300 - 41000 are to be seen as key levels on the weekly expiry day.

To Read Complete Report & Disclaimer Click Here

For More Axis Securities Disclaimer  https://simplehai.axisdirect.in/disclaimer-home

SEBI Registration number is INZ000161633

Views express by all participants are for information & academic purpose only. Kindly read disclaimer before referring below views. Click Here For Disclaimer