MARKET TRENDS:
Global cues: Positive
FII: (+621.50 crores)
DII: (+173.10 crores)
Sentiment: Bullish
Market Breadth: Positive
Technicals: Massive Rebound
F&O: 25000 – 27000 zone.
INDIA VIX 11.59 (-1.19%)
USD/INR Futures (October) (87.82)
NIFTY PCR (28th October) 0.65
Bank Nifty PCR (28th October) 0.84
Nifty Outlook: 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 25795):
SUPPORT: 25701/25451
RESISTANCE: 26105/26277
RANGE: 25700-26000
BIAS: Positive
21 DMA: 25222
50 DMA: 25035
200 DMA: 24269
SENSEX (CMP 84212)
SUPPORT: 83900/83300
RESISTANCE: 85290/85979
RANGE: 83900-84900
BIAS: Positive
21 DMA: 82297
50 DMA: 81721
200 DMA: 79718
BANK NIFTY (CMP 57700)
SUPPORT: 57400/56700
RESISTANCE: 58250/58600
RANGE: 57300-58300
BIAS: Positive
21 DMA: 56312
50 DMA: 55465
200 DMA: 53608
Nifty: In Friday’s trade, Nifty started the session on a front foot but profit booking emerged in the mid-session and the negative takeaway was that the benchmark ended on red note, snapping its 6-day winning streak.
Nifty’s 100 DMA is at 25030 mark.
Nifty’s all-time-high continues to be at 26277.35 mark.
The technical landscape suggests Nifty’s major support at 25701/25451/25337 mark.
Nifty’s hurdles seen 26277.35 mark.
Nifty’s 200 DMA at 24269 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 at 26277.35 and then aggressive targets at 26700 mark. Bias is constructively bullish.
Bank Nifty: In Friday’s session, Bank Nifty started the session on a positive footing, but bears immediately took control as profit boking emerged amidst overbought technical conditions.
Bank Nifty’s new all-time now is at 58577.50 mark.
Bank Nifty was seen aiming to mirror Nifty’s corrective decline action, ending 0.65% lower as against Nifty’s 0.37% loss.
Interestingly, Nifty PSU Banks ended 0.74% lower while Nifty Private Bank Index ended with 0.81% loss.
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 58250/58600/59300 mark. Bank Nifty’s 200-DMA is placed at 53608 mark. Bias on Bank Nifty continues to be bullish.
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