Tuesday’s unpleasant session was followed by a flat opening yesterday despite SGX was indicating a weak start - Angel One Ltd
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Sensex (61223) / Nifty (18256)
Tuesday’s unpleasant session was followed by a flat opening yesterday despite SGX was indicating a weak start. However without wasting much of a time, the selling aggrandized in the market. Barring some recovery in the initial hour, there were no signs of respite in the benchmark index. Eventfully, Nifty ended the session above 17900 by losing yet another percent to the previous close.
The global markets turned jittery on Tuesday and it became worst overnight as well as yesterday morning. Fortunately we did not have any bigger dent in the midst of all this because shedding 2% in couple of sessions should not be considered as a damage. After rising more than 1800 points in a quick succession, we cannot really complain about this running correction. Technically, things would start becoming ugly if we slide below 17650, till then there is no reason to worry for. For the coming session, 17900 followed by 17800 are to be treated as sacrosanct supports and if it’s merely a profit booking, market should attract some buying interest around mentioned supports. On the flipside, the resistance level shifts lower to 18000 first and then at 18100.
Nifty Daily Chart
Nifty Bank Outlook - (38728)
The banking index gradually slips lower with five consecutive days of negative closure. The index is currently hovering above all its major exponential moving averages yet has lost the sheen from the last couple of trading sessions. The index managed to conceal a tad above the 38000 mark as some buying stepped into the last hour, wherein the index dropped with another downside of 0.44 percent to settle at 38041.35 levels.
On the oscillator front, 14 days RSI has seen a negative crossover, setting up a bearish tone in the index. However, the support of 50 percent Fibonacci retracement on the weekly time frame holds the crucial decisive say for any confirmation over trend reversal, which is placed near 37924. At present, a cluster of support zone is set right from 37900 to 37400 (21 DEMA). While on the flip side, 38500 could be seen as an immediate hurdle followed by 38900-39000 zone. Going forward with the technical setup of the banking index, a range-bound movement is expected in the near term. Henceforth, a cautious approach is advisable with more emphasis on stock-specific activity rather than that of the index
Nifty Bank Daily Chart
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