The positive global cues led to a decent gap-up opening to our domestic market - Angel One
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Sensex (63284) / Nifty (18812)
The positive global cues led to a decent gap-up opening to our domestic market, wherein the benchmark index Nifty50 continued its northwards journey consecutively for the eighth trading session. The bulls are being dominant as they persuade on the intraday dip to showcase their resilience; however, some profit booking was seen later in the session. The technical structure remains buoyant as Nifty is in a roll of making higher highs, and with yet another positive closure Nifty settled at fresh highs of 18812 levels, procuring 0.29 percent.
The broad-based buying interest has levitated overall market sentiments, followed by positive developments overseas, which strengthened the momentum. All these phenomena are auguring well for the bulls of D-Street. Technically, the structure construes optimism and any short-term blip to be considered healthy. As far as levels are concerned, 18600-18500 is likely to be the sacrosanct support zone. While on the higher end, 18900-19000 is expected to act as an immediate hurdle for the index in the comparable period.
Nifty Bank Outlook (43261)
Bank Nifty as well started on a strong note however we witnessed an open high kind of scenario where prices right from the word go started to slide lower to mark an intraday low of 43101. Subsequently, during the penultimate hour, we witnessed some volatility amidst the weekly expiry to eventually end flat at 43261.
Technically, not much changed on the index front as the prices continue to inch higher in the northward direction. In our last couple of outlooks, we have been mentioning the high overbought conditions and to prefer buying on dips and selling on the rise. This has worked well, and we remain with this stance as we expect some consolidation in the near term. There is however no shortage of action in individual stocks as they continue to buzz for example yesterday it was the PSU basket that again resumed positive traction after a couple of days of pause; traders should continue to identify such potential outperformers in the near term. As far as levels for the bank index are concerned, 43040 - 42880 remains an immediate support whereas 43500 - 43640 is immediate resistance.
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