MARKET TRENDS:
Global cues: Positive
FII: (+309.00 crores)
DII: (+1526.60 crores)
Sentiment: Super Bullish
Market Breadth: Positive
Technicals: Massive Rebound
F&O: 25000 – 26500 zone.
INDIA VIX 11.66 (+7.36%)
USD/INR Futures (October) (88.05)
NIFTY PCR (28th October) 1.06
Bank Nifty PCR (28th October) 1.16
Nifty Outlook: Festive Spirit on Dalal Street — Bullish euphoria is quite likely as early Diwali party to continue.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25710):
SUPPORT: 25550/25350
RESISTANCE: 26277/27000
RANGE: 25600-26000
BIAS: Positive
21 DMA: 25114
50 DMA: 24930
200 DMA: 24230
SENSEX (CMP 83952)
SUPPORT: 83200/82700
RESISTANCE: 85979/87500
RANGE: 83500-85100
BIAS: Positive
21 DMA: 81932
50 DMA: 81402
200 DMA: 79609
BANK NIFTY (CMP 57713)
SUPPORT: 57200/56300
RESISTANCE: 58100/56500
RANGE: 57200-58800
BIAS: Positive
21 DMA: 55843
50 DMA: 55258
200 DMA: 53472
Nifty: In Friday’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. Thanks to 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 24986 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25550/25350 mark.
Nifty’s hurdles seen 26277.35 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 26000 and then aggressive targets at 26277.35 mark on closing basis. Bias is constructively bullish.
Bank Nifty: In Friday’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 scaled a new-all-time-high.
Bank Nifty’s new all-time now is at 57830.20 mark.
Bank Nifty was seen mirroring Nifty’s rebounding action, ending 0.51% higher as against Nifty’s 0.49% gains.
Interestingly, Nifty PSU Banks ended 0.65% lower while Nifty Private Bank Index ended with 0.37% gains.
Intraday support for Bank Nifty now seen at 57200/56300 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 58100/58800 mark. Bank Nifty’s 200-DMA is placed at 53472 mark. Bias on Bank Nifty continues to be bullish.
Disclaimer/ Disclosure: The investments & trading ideas recommended in the market analysis, research reports, etc. may not be suitable for all investors. This article or data points does not construe investment advice as stock market investments are subject to market risks so please refer to your financial consultant advice before Investing or trading. All information is a point of view, and is for educational, Learning and informational use only. The author or the group admin accepts no liability for any interpretation of articles or comments on this platform being used for actual investments. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investors must make their own investment decisions based on their specific investment objectives, goals and financial position only after consulting with registered market intermediaries.