Published on 13/10/2017 10:05:21 AM | Source: Angel Broking Pvt Ltd
Nifty Bank index are placed around 24227 and 24070 - Angel Broking
Sensex (32182) / Nifty (10096)
A strong corrective move on Wednesday was followed by a positive opening in our market. As expected, index corrected sharply in the initial hour. But, a strong buying at lower levels pulled the index higher and in fact, the accelerated momentum pushed the index to retest the 10100 mark.
Yesterday's buying interest in last couple of hours has certainly surprised us. It has become very difficult to predict movement in the index and hence, we would rather look to focus on individual stocks. For the coming session, 10135 - 10178 are the levels to watch out for and on the downside, 10035 - 9980 would be seen as immediate support levels.
Nifty Bank Outlook - (24361)
The Nifty Bank index sneaked below the 24000 mark in the initial hour of the trade yesterday. Just when it seemed that the index was continuing the previous day's sell-off, the index took a complete 'U' turn post noon and rallied sharply in the last hour to end the session with gains of over a percent.
Yesterday's upmove in the Nifty Bank index was quite surprising for us as we had not anticipated such sharp recovery post Wednesday's correction from the hourly '200 SMA' resistance. However, last two days of volatility has definitely perplexed us on the near-term direction. Going ahead, Wednesday's high of 24460.25 should be observed as a move above this level could lead to further positive momentum in the index; whereas yesterday's low will now become a crucial support for near term. The intraday supports for the Nifty Bank index are placed around 24227 and 24070 whereas resistances are seen around 24460 and 24600.
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