The positive global developments over the weekend led to a promising start to our domestic market - Angel One
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Sensex (54251) / Nifty (16278)
The positive global developments over the weekend led to a promising start to our domestic market. The benchmark index Nifty50 started the day with a decent gap-up and sustained at the higher grounds throughout the trading session. The buoyancy among the broader market boosted the overall sentiments across the participants resulting in a firm closure of our equity space. The Nifty concluded the session near the day’s high with a 1.43 percent gain, a tad below the 16300 level.
Technically, the index has shown a strong follow-up buying post the favorable weekly closure that could be seen as an encouraging sign for the bulls of D-street. On technical parameters, the 16000-sub zone has provided a strong demand, wherein the bulls gauged the opportunity to take control, which certainly construes an upbeat market. Also, the formation of higher highs – higher lows are evident now, as the index breached the previous swing high of 16275 odd levels and is set to march upwards. Meanwhile, any minor correction towards the 16100- 16140 zone could be seen as a buying opportunity in the near term. On the contrary, the 16350-16430 zone is likely to act as the immediate resistance, above which the bulls would strengthen their stance.
Considering the recent price action and the respite in the global market, the undertone is likely to be in favor of the bulls. However, one should not be complacent with yesterday’s gains and must stay abreast with global developments. Simultaneously, looking for opportunities outside the index is advisable, as we may also witness good traction in mid and small-cap counters.
Nifty Daily Chart
Nifty Bank Outlook - (35359)
We had an encouraging close on Friday and markets did not disappoint at all as we witnessed a pleasant start for the week; courtesy to improved sentiments over the weekend. With strong opening, the BANKNIFTY challenged its Friday’s high as well as the psychological mark of 35000 in the initial hour. In fact, the momentum accelerated as the day progressed to conclude the session almost at the highest of the day by pocketing nearly a couple of percent gains.
It is most likely that the banking index would test its last Monday’s high of 35543 in the coming session itself and once it moves beyond it, we may see it heading towards 35800 – 36000 levels. The kind of gush we witnessed in the last hour of trade yesterday, BANKNIFTY heading towards mentioned levels is imminent. On the flipside, 35200 – 35000 is now to be considered as immediate as well as sacrosanct support zone. Ideally, any decline in the forthcoming session should be construed as a good buying opportunity as we expect banking conglomerates to step on the gas now.
Nifty Bank Daily Chart
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