MARKET TRENDS:
Global cues: Positive
FII: (+68.60 crores)
DII: (+4650.10 crores)
Sentiment: Super Bullish
Market Breadth: Positive
Technicals: Massive Rebound
F&O: 24500 – 26000 zone.
INDIA VIX 10.53 (-5.60%)
USD/INR Futures (October) (88.14)
NIFTY PCR (28th October) 1.04
Bank Nifty PCR (28th October) 1.07
Nifty Outlook: Festive Spirit on Dalal Street — Bullish euphoria is quite likely as early Diwali party quite as Optimism to Sweep and Drive Market Euphoria.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25324):
SUPPORT: 25275/25159
RESISTANCE: 25670/26277
RANGE: 25300-25600
BIAS: Positive
21 DMA: 25079
50 DMA: 24891
200 DMA: 24211
SENSEX (CMP 82605)
SUPPORT: 82500/82000
RESISTANCE: 83200/85979
RANGE: 82500-83500
BIAS: Positive
21 DMA: 81820
50 DMA: 81289
200 DMA: 79556
BANK NIFTY (CMP 56800)
SUPPORT: 56500/56000
RESISTANCE: 57630/58300
RANGE: 56500-57500
BIAS: Positive
21 DMA: 55630
50 DMA: 55174
200 DMA: 53407
Nifty: In yesterday’s trade, Nifty started the session on a front foot and the positive takeaway was that the bullish momentum prevailed all-thru the trading session. Blame it on bargain hunting and value buoying as bulls aimed to take control on backdrop of improving leads from Wall Street and Asian stock markets.
Nifty’s 100 DMA is at 24972 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25275/25159 mark.
Nifty’s hurdles seen 25670/26277 mark.
Nifty’s 200 DMA at 24211 mark.
Nifty’s chart of the day suggests the benchmark may trade with bullish bias with Nifty’s biggest intraday hurdles at 25500 and then aggressive targets at 25670 mark on closing basis. Bias is constructively bullish.
Bank Nifty: In yesterday’s trade, Bank Nifty started the session on a positive footing, and the positive takeaway away was that the benchmark ended the session above the dotted lines and on a bullish note.
Bank Nifty’s all-time now is at 57628.40 mark.
Bank Nifty was seen slightly underperforming Nifty’s rebounding action, ending 0.54% higher as against Nifty’s 0.71% gains.
Interestingly, Nifty PSU Banks ended 1.67% higher while Nifty Private Bank Index ended with 0.1% gains.
Intraday support for Bank Nifty now seen at 56500/56000 mark and then at 55500 mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 57630/57900 mark. Bank Nifty’s 200-DMA is placed at 53407 mark. Bias on Bank Nifty continues to be bullish.
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