The market is likely to remain volatile, mirroring the global bourses - Angel One
Sensex (52541) / Nifty (15692)
The domestic market has started the day on a subdued note, wherein the benchmark index remained in a narrow range for most of the period with no clear direction. The tentativeness ahead of the upcoming Fed meet was evident among the market participants. Eventually, the lackluster session ended on a negative note with a mere cut of 0.25 percent, a tad below the 15700 mark.
The index slipped to the day’s low by the end of the session, indicating the nervousness about the Fed outcome. Till now, the critical support of the 15650-15700 zone has proved its mettle as it was respected for the third consecutive session. However, as we advance, any global distress could disrupt the technical structure, and the index could plunge lower. As far as levels are concerned, a decisive breach below the mentioned support could drag the index towards the 15450-15500 zone. While on the higher end, the 15850-15900 is seen as immediate resistance, followed by the psychological mark of 16000.
Going forward, the market is likely to remain volatile, mirroring the global bourses. Also, one should continue with the stock-specific approach, as even though the indices may not be doing much, the individual stocks are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly.
Nifty Daily Chart
Nifty Bank Outlook - (33339)
The banking index started its proceedings on a flat note in tandem with benchmark. In the first half, it showed some glimpse of strength but as the day progressed, it started cooling off a bit to eventually conclude on a neutral note ahead of the major Fed policy.
Such events are tricky and the way we remained around the lower point, it left both counterparties clueless. Now post the event it would be crucial to see how markets react if the weakness persists then it would result in a breakdown below 33000 whereas on the flip side if markets react positively then, in this case, we may see BANKNIFTY surpassing the hurdles of 33700-34000. However, what if this becomes a non-event and how market will behave on it, that’s interesting development to see.
Nifty Bank Daily Chart
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