Indian Market Outlook and levels for Bank Nifty by Rahul Sharma, Equity99
Indian stock markets have been trading firm and there is no sign of correction in the markets. While market participants are cautious about market and many traders would keep strict stop loss, the mood is still bullish. As long as the US and global markets remain firm, Indian equities would show strength. A market review by Rahul Sharma, Co- Founder, Equity99 follows.....
Markets today made a new all-time high with Sensex up 277 points at 58129 & Nifty up 89 points to 17323 driven by a rally in RIL & ONGC. Nifty Energy, Auto & Infra were top performing sectors for today. Midcaps index was also in focus with Nifty Midcap 100 up 143.4 points. Banks were flattish today down 0.19%, IDFC First Bank was the top-performing bank up 1.67%. Among the Nifty50 pack RIL was the top performer up 4.10% followed by ONGC & Coal India while HDFC Life, Cipla & HUL were top losers.
The market is by no means land. For next week Markets is making new highs daily, in the long term we are bullish however after such a move markets might show some correction. Investors are advised to keep trailing stop losses to their positions. Allocations are now increasingly shifting towards quality stocks where the earnings visibility and the balance sheet strength are very high
Important technical levels for next week
Nifty – 17225 will act as immediate support on breaking which we might see 17100 to 17000 levels, while on the upper side 17400 will act as resistance on breaking which 17525 to 17575 levels are possible
For Bank Nifty
Support: 36575 – 36450 – 36300
Resistance: 36900 – 37150 – 37300
Sector to focus on Next week – Automobiles, Power, IT, Metals