MARKET TRENDS:
Global cues: Negative
FII: (+96.70 crores)
DII: (-607.10 crores)
Sentiment: Super Bullish
Market Breadth: Positive
Technicals: Massive Rebound
F&O: 25000 – 27000 zone.
INDIA VIX 11.29 (-0.62%)
USD/INR Futures (October) (88.05)
NIFTY PCR (28th October) 0.99
Bank Nifty PCR (28th October) 1.14
Nifty Outlook: Festive Spirit on Dalal Street — Bullish euphoria is quite likely as Diwali party to continue with immediate goal post at 26277.35 mark.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 25869):
SUPPORT: 25800/25550
RESISTANCE: 26277/27000
RANGE: 25800-26300
BIAS: Positive
21 DMA: 25160
50 DMA: 24981
200 DMA: 24252
SENSEX (CMP 84426)
SUPPORT: 84000/83500
RESISTANCE: 85979/87500
RANGE: 84300-85300
BIAS: Positive
21 DMA: 82082
50 DMA: 81555
200 DMA: 79670
BANK NIFTY (CMP 58007)
SUPPORT: 57700/57000
RESISTANCE: 58700/59500
RANGE: 58800-59000
BIAS: Positive
21 DMA: 56075
50 DMA: 55360
200 DMA: 53542
Nifty: In Tuesday’s Mahurat’s trade, Nifty started the session on a front foot and the positive takeaway was that the benchmark ended on green note, up for 5th straight day. 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 25008 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 26277.35 and then aggressive targets at 27000 mark on closing basis. Bias is constructively bullish.
Bank Nifty: In Tuesday’s Mahurat session, Bank Nifty started the session on a positive footing, and the positive takeaway away was that the benchmark was seen flirting with its new all-time now is at 58261.55 mark.
Bank Nifty was seen aiming to mirror Nifty’s rebounding action, ending 0.04% lower as against Nifty’s 0.10% gains.
Interestingly, Nifty PSU Banks ended 0.06% lower while Nifty Private Bank Index ended flat at 0.00%.
Intraday support for Bank Nifty now seen at 57700/57000 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 58500/58700 mark. Bank Nifty’s 200-DMA is placed at 53542 mark. Bias on Bank Nifty continues to be bullish.
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