Outlook Of Nifty/bank nifty today
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Nifty:
Nifty
Outlook:
Nifty
closed at 9,574 down by 55 points, whereas BSE Sensex closed lower by 152
points at 31,138. HDFC Bank & SBI were contributing nearly 60% to the
Bank Nifty downfall. The market breadth was deeply in favour of declines
with advance-decline ratio 1:4. Power Grid, Vedanta, Sun Pharma, Aurobindo
Pharma and Wipro are the top Nifty gainers, whereas Bank of Baroda, IOC,
Eicher Motors, Hero Motocorp and Bosch are the top Nifty losers. The Nifty
consolidation has continued within 9500-9700. Stocks witnessed profit
booking whenever the index has slipped from higher levels of 9650-9700 in
this range. we believe the recent correction may not be deep in nature.
Eventually, these levels should be taken out and market may consolidate in
the range of 9500-9700 levels
Bank Nifty:
Bank
Nifty Outlook:
The Nifty Bank index remained volatile and traded in a
broader range with sharp moves seen on both sides during last week. After
testing testing a new 52 week high, PSU banks also remained under profit
booking mode, which added more pressure to the index. As we are approaching
towards expiry, we may see a trigger in volatility, which is hovering near
the lower band of the range and is most likely to see an u p-tick in coming
days. Huge writing interest was seen in 22800 and 22900 strike Calls, which
are likely to act as a hurdle in coming days. Sizeable additions were seen
in 22500 Put strike. Hence, the index is likely to consolidate near this
levels. A close below this levels would open the gates for another 200-300
points downside, which may trigger some selling in midcap private sector
banks as well Nifty Bank options build-up for June series.
Technical Outlook
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