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Sensex (37328) / Nifty (11017)
Yesterday our markets started the proceedings on a flat to positive note tracking the mixed global cues. Subsequently, Index witnessed an extreme lackluster session with choppy swings seen on both sides of the trend to eventually end with a loss of 0.33% tad above 11000 levels.
On the daily chart, Index for the fourth consecutive session traded within the range of big black body candle formed on 13th Aug and has now ended near the midpoint of this range. Technically not much has changed to talk about and the next trending move can only be seen on a range break from 10900 – 11180 levels. Going ahead we remain hopeful for the relief rally as long the crucial support of 10900 is not broken. On the higher side Index can reattempt to retest 11145 – 11180 levels and only on a sustained trade or close above 11180 can trigger a broad base buying. Even though it was lethargic session we witnessed a good stock specific moves and some of the marquee names from Auto and IT sector showed promising signs. Going ahead in such range bound markets traders are advised to continue focus on stock-specific trades which are providing outperforming opportunities.
Nifty Bank Outlook - (27982)
The Nifty Bank index corrected in the first hour of the trade and then consolidated in a narrow range throughout the session. In last few sessions, the index has consolidated in a narrow range. The immediate supports for the index are placed around 27800 and 27680 whereas resistance is seen around 28400-28500. A breakout beyond this range could lead to a directional move and hence, traders are advised to trade in the direction of the breakout.
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