Bulls came in action & took nifty above 10700 mark but failed to
sustained & closed below the 10750 market at 10739. The surge in Street
came on back of bank stocks as the Nifty PSU Bank sub-index gained in excess of
2 %. Other major sub-indices- Auto and FMCG also closed 1.50
% above previous closing. IT and pharma were the only sub-indices to close in
the negative territory. Nifty future has opened at 10679 made a high of 10746
& low of 10645. Total 101 points nifty future has moved in intraday.
Short-term outlook for the market remains positive till Nifty trades
above 10700 levels and expecting targets in the range of 10800-10900 levels in
short term. Medium term outlook for the market remains positive till Nifty
trades above 10600 levels and expecting targets in the range of 10950-11000
levels in medium term. Bank Nifty also closed in positive territory.
It has outperformed during last week as well. It made a high of 25753 levels so
far in this rally. It can be also possible to count end of Wave-I of (5)
impulsive rally from recent bottom from wave count perspectives. One can expect
higher levels targets around 26200 levels till it holds crucial support of 26000
levels in short term & further above 26400-26600 levels in medium term. Any
kind of decline is also buying opportunity for bank nifty for short
to medium term perspectives.
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Resistance: 10800, 10850,
10900
Support: 10700,
10650, 10600
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