IGI Logo

Sensex (52532) / Nifty (15639)

The surge in the global bourses helped the domestic market become buoyant, wherein the benchmark index witnessed a vital move since the opening bell and uplifted the overall sentiments. The action certainly portrays the urge of the bulls of D-Street, while favorable conditions. The Nifty50 index finally concluded the day at higher grounds with gains of 1.88 percent, a tad below the 15650 level.

Technically speaking, the index has witnessed a positive crossover from the oversold region of the RSI, leading to a shortterm reversal. Even the strong bullish candle on the daily chart construes to be an encouraging sign for the bulls, as the Nifty tested the historical support zone of the 15700. On the levels front, the unfilled gap of 15380-15420 is expected to cushion any minor correction, while the 15180-15200 zone withholds the sacrosanct zone for the index. On the contrary, the 15750 zone is likely to act as a stiff resistance, followed by the sturdy wall of the unfilled gap starting from the 15900 odd level.

Hence, looking at the recent developments, the market is expected to hover within the mentioned zone until any decisive breakthrough does not take place. Meanwhile, global markets also need to be on a close radar as they might act as catalysts with their developments. We advocate having a pragmatic approach in the market by focusing more on the beaten-up frontline counters for the time being.

Nifty Daily Chart

Nifty Bank Outlook - (33192)

Global markets especially the Dow futures was jubilant yesterday morning and as a result, our markets too opened on a positive note. However the initial lead was not equivalent to the global rally and hence, our markets had a catch up move as the day progressed. The BANKNIFTY extended its gains post mid session to test the 33500 mark. However due to some profit booking in last hour, the banking index trimmed considerable gains but despite this ended the session above the 33000 mark.

On Monday, the banking stocks showed a glimpse of strength in the last hour and as they left us with some promise, it eventually turned into some decent relief in yesterday’s session. Although market participants would have liked it to see it closing around the day’s high, they would still be happy of reclaiming the psychological junction of 33000. We hope it’s not a one day wonder kind of thing and if global markets remain buoyant, one more bout of buying cannot be ruled out. As far as levels are concerned, 33500-33800 are to be seen as immediate hurdles; whereas on the flip side, 32800 is now to be considered as intraday support.

Nifty Bank Daily Chart

To Read Complete Report & Disclaimer Click Here

Please refer disclaimer at https://www.angelone.in/ 
SEBI Regn. No.: INZ000161534

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