In yesterday’s trading session, Nifty ended up by 20.10 points which stood at the 16,258 mark. Moreover, the Indian market continues to remain fickle but later on manages to make a bull run which got driven by IT stocks and selected banks.
Nifty spend two consecutive days in a consolidation mode but still manages to close higher nearly with 20 points. Moreover, if we converse about yesterday’s trading session then on the daily chart, the index formed a Doji pattern thereby closing the levels just near the opening tick.
Yesterday, Nifty opened up and stood at 16,281.35 thereby hitting a high of 16320.75. Moreover, also beat the day’s low of 16,179.05. Consequently, in the later afternoon, Nifty finally manages to conclude in green.
On the sectoral front, a strong buying pressure was seen in IT, banks, and finance stocks. On the contrary, a strong selling push was noticeable in telecom, oil and gas, metals, and the public sector.
From the broader market prospects, a large number of profit-booking was visible. Additionally, the BSE mid-cap index and small-cap index dip by 1 percent and 0.7 percent respectively.
Moving further, Bank Nifty performed well and ended up with 219.70 points which stood at 36028.95. Thus, Bank Nifty also manages to push the benchmark and ended in the green.
India VIX continues to stay flattish and ended at 12.60 levels.
Yesterday, we have seen range-bound trading in Nifty as well as Bank Nifty.
Nifty future has support at 16180 and resistance at 16350.
Decisive break and sustain below 16180 will take it to 16120—16080 and then to 15980 levels.
Fresh buying we will do on a close above 16350 levels only.
On the other hand, Bank Nifty futures has support at 35700 and resistance at 36300.
Decisive break and sustain above 36300 will take it to 36300 will take the levels to 36700—37000.
Fresh downside panic we will see on a close below 35700 levels only.
Trendy SBI
Buy SBI futures around 432–430 with a stop loss below 420 on a closing basis for the upside target of 444