Key Points
The last three weeks of the rebound have brought in much-needed relief to the participants, after four months of the corrective phase..
On the sectoral front, we reiterate our preference for banking, financials, FMCG and auto and suggest picking selectively from others...
Amid all the positivity, we could see some consolidation in the index first, after the recent surge thus it is important to plan the trades, keeping in mind the key support and resistance zone..
The recovery has been swift in the banking index and we expect the prevailing tone to continue..
Considering the prevailing chart structure, we reiterate our preference for private banking majors and suggest staying selective in the PSU pack...
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Nifty close above 17,700 could prompt reversal in trend; Bank Nifty may test 41200-41400 zone
04, Apr, 23We’re now eyeing 17,600 in Nifty, after the consolidation breakout from the 16,800-17,200 zone. And, a decisive close above 17,700 could prompt a reversal in the trend as well.
Bank stocks drop amid foreign selloff
05, Oct, 23While RBI is expected to hold rates, the global factors like the rising bond yields and higher interest rates have led to negativity in the banking space, said Andrew Holland, CEO-Avendus Capital Alternate Strategies. The support levels for the banking index are hovering over at 42,000 levels. The Nifty Bank index closed at 43,964.
Nifty Bank plunges over 1,000 points; experts suggest ‘sell on rise’ strategy
23, Jan, 24The fall in the Nifty Bank index was led by losses in IDFC First Bank, IndusInd Bank, Bank of Baroda, and SBI while some buying was seen in ICICI Bank post Q3 results.
Buy or sell: Vaishali Parekh recommends 2 stocks to buy today — February 28
28, Feb, 23Buy or sell: Nifty is standing at crucial support of 17,300 levels, believes Vaishali Parekh of Prabhudas Lilladher
Weekly Nifty, Bank Nifty Outlook: Index in time-correction, avoid aggressive short bets
27, Mar, 23Nifty closed the week at 16945 levels down 1%. Broader market relatively underperformed the benchmark as Nifty Midcap and Small cap indices lost ~2% each.
Nifty may head towards 17600, Bank Nifty support at 39600; SBI, HUL in focus, Nifty IT, Auto to lead rally
03, Apr, 23Nifty to resolve higher and head towards 17600 as it is a confluence of 200 days EMA coincided with the upper band of the falling channel and the implicated target of consolidation breakout (17200-16800).
Nifty faces strong resistance at 18,446: Analysts
22, May, 23Nifty has a strong base around 18,050, which also coincides with the support zone of the short-term moving average. Its sustainability would fuel gradual recovery and help the index to retest 18,500- 18,700. In case of a breakdown, 17,850 would offer cushion.
A break below 17,000 can take Nifty down by another 300 points
20, Mar, 23On weekly chart, the index has formed a bearish candle with a lower shadow indicating support at lower levels. The Nifty has formed a Doji candlestick pattern on daily chart for two consecutive sessions, indicating indecisiveness amongst market participants.
Nifty may extend consolidation in 17500-17800 range; Bank Nifty support placed at 41200 level
24, Apr, 23Bank Nifty continues to outperform the Nifty. The Bank Nifty/Nifty ratio line continues to trend higher and sustains above the major breakout area signalling an extended period of outperformance.
IT largecap stocks not in overbought zone after Friday’s rally: Anand James
14, Jan, 24Largecap IT stocks, including Infosys and Tech Mahindra, have not yet reached overbought levels despite recent gains. Smallcap stocks have seen the most visible gains in the last year. Traders should be cautious as the earnings season begins, as history suggests a high chance of a monthly close in the red when entering the season at record peaks. Recent CPI readings from the US have prompted traders to reduce bets on Fed's rate cuts. The next fortnight could see objectives of 22240 and 22400, with a downside marker at 21790.