MARKET TRENDS:
Global cues: Positive
FII: (-1165.90 crores)
DII: (+3893.70 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Massive Rebound
F&O: 25000 – 27000 zone.
INDIA VIX 11.73 (+3.81%)
USD/INR Futures (October) (87.89)
NIFTY PCR (28th October) 0.88
Bank Nifty PCR (28th October) 1.12
Nifty Outlook: Festive Spirit on Dalal Street — bullish sentiment likely to stay alive, with all eyes on Nifty’s all-time high of 26,277.35 with an interweek perspective.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25891):
SUPPORT: 25800/25550
RESISTANCE: 26277/27000
RANGE: 25800-26100
BIAS: Positive
21 DMA: 25193
50 DMA: 25011
200 DMA: 242560
SENSEX (CMP 84556)
SUPPORT: 84000/83500
RESISTANCE: 85979/87500
RANGE: 84200-85200
BIAS: Positive
21 DMA: 82196
50 DMA: 81649
200 DMA: 79693
BANK NIFTY (CMP 58078)
SUPPORT: 57400/56700
RESISTANCE: 58600/59300
RANGE: 57500-58500
BIAS: Positive
21 DMA: 56208
50 DMA: 55421
200 DMA: 53575
Nifty: In Thursday’s trade, Nifty started the session on a front foot but profit booking emerged in the mid-session but the positive takeaway was that the benchmark ended on green note, up for 6th straight day.
Nifty’s 100 DMA is at 25019 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25800/25550/25350 mark.
Nifty’s hurdles seen 26277.35 mark.
Nifty’s 200 DMA at 24260 mark.
Nifty’s chart of the day suggests the benchmark may trade with bullish bias with Nifty’s biggest intraday hurdles at 26277.35 and then aggressive targets at 27000 mark on closing basis. Bias is constructively bullish.
Bank Nifty: In Thursday’s session, Bank Nifty started the session on a positive footing, and the positive takeaway away was that the benchmark scaled a fresh new all-time now at 58577.50 mark.
Bank Nifty was seen aiming to mirror Nifty’s rebounding action, ending 0.12% higher as against Nifty’s 0.09% gains.
Interestingly, Nifty PSU Banks ended 0.28% higher while Nifty Private Bank Index ended with 0.49% gains.
Intraday support for Bank Nifty now seen at 57400/56700 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 58600/59300 mark. Bank Nifty’s 200-DMA is placed at 53575 mark. Bias on Bank Nifty continues to be bullish.
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