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Published on 7/12/2018 10:37:15 AM | Source: Angel Broking Pvt Ltd

Nifty surpasses yesterday’s high of 10723 - Angel Broking

Posted in Market Outlook| #Market Outlook #Angel Broking Pvt Ltd

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Sensex (35312) / Nifty (10601)

Thursday seems to be bringing some action in our market. Last Thursday, we had a gap up opening and then a remarkable end of the November series. Yesterday too index saw lot of action; but unfortunately, it was on the downside and certainly not the kind of move most of the traders’ expected for. As far as yesterday’s activity is concerned, we opened lower owing to mounting geopolitical concerns and then post some intraday bounce back, once again corrected sharply in the latter half to close at the 10600 mark with a sharp cut of over one and half a percent.

Wednesday’s close was a bit of warning for our markets. However, since 10700 was defended convincingly, there was still a ray of hope. Yesterday, we had stated the scenario about Nifty undergoing some correction if breaks and sustains below the crucial support of 10747. This point has justified its significance and we are well below the crucial supports now. Going ahead, unless Nifty surpasses yesterday’s high of 10723, we are likely to remain under pressure and the momentum will get accelerated once Nifty slides below 10588. In this scenario, 10540 – 10489 are the next levels to watch out for. On the upside, 10641 and 10696 would be seen as immediate hurdles for the index.

Traders are advised to keep a note of above mentioned scenarios and should stay light on positions.

Nifty Bank Outlook - (26198)

In yesterday's session, the Nifty Bank index opened gap down and continued the negative momentum throughout the day to end with a loss of more than 300 points.

The index breached the support of 26443 with a gap and whenever supports are breached with a gap, it usually leads to a negative trend. As seen yesterday, this led to a broad market selloff. Looking at last three day of price action, wherein we have seen gap down openings and follow up moves too, traders are advised to stay on the sidelines for time being. The index is near to its support range of 26138-26028. The lower end of this mentioned range is the '200 SMA' support. On the flipside, the recent gaps at 26443 and 26645 will now be seen as resistances.

 

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