We expect Nifty to continue this northward move towards 17900 -18000 - Angel One
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Sensex (59688) / Nifty (17799)
US markets have been on a declining mode since last couple of weeks and Wednesday night, they rebounded sharply due to their overbought condition. We being the outperforming market of late, was in search of a small push sentimentally and sharp bounce back globally provided the much needed impetus to start the session with a decent bump up. In fact, a small bout of profit booking around the mid-session was absorbed with an ease. Eventually, Nifty concluded the weekly expiry around the 17800 mark by adding a percent to the bulls’ kitty.
This is exactly we had alluded to in our previous commentary that the struggle around 17700 for Nifty will end if we get support from the global peers. We finally managed to close at 3-week high, which was the recent congestion phase. Importantly, this move is backed by the banking space which has clocked highest level for the current calendar year. This participation is certainly considered as a healthy sign for our market. Going forward, we expect Nifty to continue this northward move towards 17900 – 18000 and then beyond the 18000mark. On the flipside, if there is no aberration globally, 17700 – 17600 should now act as immediate supports. Traders are advised to continue with an optimistic approach and use declines to add fresh longs
Nifty Bank Outlook (40209)
Bank Nifty as well started with a big gap up opening and despite there was an intraday dip in the benchmark; the banking space remained firm. Subsequently, as the day progressed, the bank index moved higher to end with strong gains of 1.91% tad above 40200
Despite some price correction on Wednesday, we remained buoyant in this space and advised in our outlook to use any dips as a buying opportunity. Now we are witnessing a strong closing with prices trading at a fresh new high for the calendar year and we expect this rally to continue. Traders are hence advised to continue using any small dips as a buying opportunity. As far as levels are concerned, 40000 - 39900 is the immediate support whereas 40500 - 40650 is the next immediate resistance.
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