MARKET TRENDS:
Global cues: Negative
FII: (+1308.20 crores)
DII: (+864.40 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Massive Rebound Play
F&O: 24500 – 26000 zone.
INDIA VIX 10.12 (-1.87%)
USD/INR Futures (October) (88.85)
NIFTY PCR (28th October) 1.02
Bank Nifty PCR (28th October) 1.06
Nifty Outlook: Optimism, nervousness, and anxiety shall continue share the stage on Dalal Street in today’s trade.
That said, a phase of constructive bullish consolidation remains the preferred trading setup.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25182):
SUPPORT: 25021/24900
RESISTANCE: 25301/25670
RANGE: 25050-25300
BIAS: Positive
21 DMA: 25040
50 DMA: 24852
200 DMA: 24180
SENSEX (CMP 82172)
SUPPORT: 81600/80900
RESISTANCE: 82500/83141
RANGE: 81700-82700
BIAS: Positive
21 DMA: 81687
50 DMA: 81191
200 DMA: 79477
BANK NIFTY (CMP 56192)
SUPPORT: 55600/55000
RESISTANCE: 56900/57630
RANGE: 55800-56800
BIAS: Positive
21 DMA: 55267
50 DMA: 55123
200 DMA: 53297
Nifty: In yesterday’s trade, Nifty started the session on a front foot and the positive takeaway was that the bullish momentum prevail all-thru the trading session. Blame it on bargain huting 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 24951 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 24021/24900/24747/24337 mark.
Nifty’s hurdles seen 25250/25670 mark.
Nifty’s 200 DMA at 24180 mark.
Nifty’s chart of the day suggests the benchmark may trade with bullish bias with Nifty’s biggest intraday hurdles at 25250 and then aggressive targets at 25670 mark on closing basis. Bias is 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 0.31% higher as against Nifty’s 0.54% gains.
Interestingly, Nifty PSU Banks ended 0.61% higher while Nifty Private Bank Index ended with 0.40% gains.
Intraday support for Bank Nifty now seen at 55600/55000 mark and then at 53500 mark on closing basis.
In today’s trade and in near term, Bank Nifty is likely to face resistance at 56900/57630 mark. Bank Nifty’s 200-DMA is placed at 53297 mark. Bias on Bank Nifty continues to be bullish.
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