Nifty Spot Chart
Trading for the week began with marginally higher opening as indicated by the SGX Nifty. Post opening, index gradually rally higher and tested the resistance of 10380. Subsequently, index traded in a narrow range and eventually ended with a gain of 0.39%.
On hourly chart, index formed another bearish divergence. Going forward, 10380 / 10400 zone likely to act as a near term resistance and any sustain move above this level will drive Nifty higher towards 10440 / 10480 levels respectively. On the flip side, Nifty has an immediate support near 10345 below which the next support comes near 10300 levels.
Bank Nifty Spot Chart
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The Nifty Bank index opened marginally higher and we witnessed decent buying interest across the PSU space during the initial hour of trade. Subsequently, index traded sideways throughout the remaining part of the session. In the process, index ended the session with a gain of 0.60%. Looking at the hourly chart, index took support near the triangle pattern and rebound sharply. Now, it’s a matter of time for Bank Nifty to surpass its all-time higher of 25200 hence we maintain our positive view on index and also expect volatility to increase in the near term.
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