Sensex (34951) / Nifty (10524)
Markets opened on a sluggish note owing to nervous cues from the Asian bourses. Index remained in a bit of pressure for the major part of the day. However, late recovery post the SBI earning resulted into trimming of some portion of losses and in the process, Nifty eventually managed to defend the 10500 mark on a closing basis.
Yesterday’s corrective move can be interpreted as a breather or pull back towards the important support zone of 10480 - 10440. As anticipated, we saw some buying interest around those crucial intraday junctions. Going ahead, we still believe this relief rally to extend towards 10700 - 10800 in days to come. However having said if these levels are met, traders are advised to start booking profits and wait for further developments to happen. Till then we advise traders to remain positive and keep following strict stop losses. At this juncture, a prudent strategy would be stick to a stock centric approach and focus on such potential candidates who are poised for an extended bounce back.
Nifty Bank Outlook - (25732)
The Nifty Bank index started trading for the week on a flat note. On the back of negative global cues, we did see a minor decline post opening. However, the index recovered during the latter half of the day as the index heavyweight SBI gained over 3 % post announcement of its quarterly results. The Nifty Bank ultimately ended the day marginally positive.
In our yesterday's article, we had mentioned that the Nifty Bank has retraced about 38.2% of last couple of months decline. However, the momentum within some of the index heavyweights is indicating further up move which restricted the decline yesterday. We continue with our advice to trade with a positive bias from a near-term perspective and use declines as buying opportunities. The near-term support is placed in the range of 25500-25400 whereas resistances are seen around 25915 and 26060.
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