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Sensex (38731) / Nifty (11556)
Following the sharp sell-off from the previous session, Index started off on a negative note and the weakness got extended during the initial hour to mark intraday low of 11461. This was followed by a bounce back to erase intraday losses and after trading in a range for the most part Index eventually ended flat at 11556.
On the daily chart, Index managed to find a support on crucial technical levels formed by (i) 61.8% retracement of recent rally (11108 – 12103), (ii) Trend line joining higher lows and (iii) The vicinity of the bullish gap formed after exit poll. A bounce from such crucial levels is of high significance however we are still not out of hoods as Index continues to stay below the support turned resistance around 11590 - 11630. Going ahead, we sense Index may trade in a range of 11420 - 11630 for the next few sessions. In such a scenario, traders are advised to have a stock-specific trade with not so aggressive approach. Pharma sector was clearly bucking the trend and it seems they are attempting to come out of its slumber phase. It’s too early to take that call, but looking at yesterday’s development, at least we are likely to get some trading opportunities within this space. Do watch out for some potential candidates from this basket.
Nifty Bank Outlook - (30569)
Post the sharp selloff in Monday's session, the Nifty Bank index opened marginally negative in yesterday's session. The index recovered from the morning lows and traded in a narrow range to end with a marginal loss.
The early week's sell off has breached the rising trend line support in the index and has applied brakes to the previous uptrend. Although there could be pullback moves, the index is likely to consolidate for some time now. The immediate resistance on pullback moves is seen around 30970 whereas supports is placed around 30222. Traders are advised to trade with stock specific approach and avoid aggressive trades for time being
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