MARKET TRENDS:
Global cues: Positive
FII: (+4778.00 crores)
DII: (+6247.90 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Breakout Play.
F&O: 25500 – 26700 zone.
INDIA VIX 12.02 (-1.86%)
USD/INR Futures (December) (89.41)
NIFTY PCR (30th December) 1.26
Bank Nifty PCR (30th December) 1.15
Nifty Outlook: All bullish eyes remain firmly set on Nifty’s all-time high of 26,277.35
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 26205):
SUPPORT: 26113/25900
RESISTANCE: 26277/26750
RANGE: 26100-26400
BIAS: Positive
21 DMA: 25865
50 DMA: 25511
200 DMA: 24553
SENSEX (CMP 85610)
SUPPORT: 85300/84500
RESISTANCE: 85978/86900
RANGE: 85400-86100
BIAS: Positive
21 DMA: 84458
50 DMA: 83268
200 DMA: 80553
BANK NIFTY (CMP 59528)
SUPPORT: 59100/58700
RESISTANCE: 60100/60900
RANGE: 59100-60100
BIAS: Positive
21 DMA: 58452
50 DMA: 57114
200 DMA: 54642
Nifty: In Wednesday’s bullish session, Nifty started the session on the front foot — as momentum buying gathered strength as the the session progressed.
Nifty ended way above the dotted lines and the positive takeaway was that Nifty ended way above 26000 mark and raced towards its all-time-high at 26277.35 mark.
So, Nifty (+1.24%) ended on a bullish note as the benchmark snapped its 3-day losing streak.
The Good News is that Nifty is still above its 21 DMA (25865), 50 DMA (25511) and its 100 DMA (25207). Nifty’s 200 DMA at 24553 mark.
Nifty’s hurdles seen 26277.35 mark.
The technical landscape suggests Nifty’s major support at 26113/25900 mark.
Nifty’s chart of the day suggests the benchmark may trade with positive bias with Nifty’s biggest intraday hurdles at 26277 mark.
Bank Nifty: Bank Nifty (+1.20%) too marched higher from strength to strength as momentum buying was the preferred theme all thru the trading session. Bank Nifty ended in green with new all-time-high at 59554.95 mark.
Bank Nifty was seen mirrioring Nifty’s rebounding action, ending 1.2% higher as against Nifty’s 1.24% gains.
Interestingly, Nifty PSU Banks ended 0.77% higher while Nifty Private Bank Index ended with 1.46% higher.
Intraday support for Bank Nifty now seen at 59100/58700/57158 mark mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 60100 mark. Bank Nifty’s 200-DMA is placed at 54642 mark. Bias on Bank Nifty continues to be Neutral.
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