1 ZEEL
MARKET TRENDS & STRATEGIES – Monday, March 4th 2024
MARKET TRENDS:
# Global: Positive
# FII: Negative (-82 Cr)
# DII: Negative (-45 Cr)
# Market Breadth: Positive
# Sentiment: Bullish
# Technicals: Higher high/low.
# F&O: 21700 – 23000 zone.
# INDIA VIX 14.99 (-1.64%)
# Nifty PCR (07th MAR) 1.23
# NIFTY PCR (28th MAR) 1.31
# Nifty Outlook: Bulls will aim the psychological 22500 mark.
WHAT TECHNICALS TELLS US ON NIFTY & BANK NIFTY:
NIFTY (CMP 22378):
# SUPPORT: 22231/22050
# RESISTANCE: 22500/23000
# RANGE: 22250-22500
# BIAS: Positive
BANK NIFTY (CMP 47298):
# SUPPORT: 46755/46000
# RESISTANCE: 47701/48636
# RANGE: 46900-47700
# BIAS: Positive
Nifty: In Saturday’s special trading session, Nifty witnessed massive buying and the positive takeaway was that benchmark ended on a strong bullish note.
In the process, Nifty formed a big positive bullish candlestick pattern.
Nifty’s new all-time-high now at 22419.55 mark.
Meanwhile, the recent sequence of higher high/low is intact on all time frames.
The technical landscape suggests Nifty’s major support at 22231 mark. Interweek support seen at 22050 mark.
Nifty’s 200 DMA at 20089 mark.
Bank Nifty: In Saturday’s special trading session, Bank Nifty too traded with positive bias and the positive takeaway was that the benchmark ended a tad above the dotted lines.
Bank Nifty was mostly seen mostly mirroring benchmark Nifty’s bullish move.
Bank Nifty ended with 0.02% gains as against Nifty’s 0.18% gains.
Interestingly, in Saturday’s trade, Nifty PSU Bank index ended 0.57% higher while Nifty Private Bank index ended 0.01% lower.
Bank Nifty’s fresh new all-time-high continues to be at 48636.45 mark.
Intraday support for Bank Nifty now seen at 46755/46000 and then at 45551 on closing basis.
In today’s trade, Bank Nifty is likely face resistance at 47701/48101 mark and then hurdles are placed at 48636. Bank Nifty’s 200-DMA is placed at 45141 mark