Bank Nifty waiting for decisive cues for further move!
Bank Nifty gave away nearly 400 points from the day's high, and it closed with modest loss of 0.04% on Tuesday.
It underperformed the frontline gauge. It took the support on 5EMA for the third consecutive day. The index also faced resistance in the zone of 41677-700 for the sixth day. In fact, the index has been moving roughly 800-900 points in the last six days. A breakout of the either side of this tight-range breakout will give an impulsive move. The only reason it seems, the index is moving in the range is due to the event as US Fed and RBI meeting are lined up in coming days, it will take cues from that for further move.
The RSI is moving in tandem with its nine-period averages. The MACD histogram shows a decline in bullish momentum. The ADX and -DMI are also moving together. The +DMI is above these two, which means the positive bias is intact. The only concern is underperformance compared to the broader market. On Tuesday, the PSU bank index also closed negative. SBI is still stronger. If it trades above the zone of 40840 - 41147 zone of support, be with a positive bias.
Strategy for the day
Bank Nifty closed on the moving average ribbon support on the hourly chart. Going ahead, a move above the level of 41350 is positive for the index, and it can test the level of 41505 on the upside. Maintain a stop loss at the level of 41230. Above the level of 41505, continue with a trailing stop loss. But a move below the level of 41136 is negative, and it can test the level of 41010. Maintain a stop loss at the level of 41221. Below the level of 41010, continue with a trialling stop loss.
DisclaimerInvestment/Trading in securities Market is subject to market risk, past performance is not a guarantee of future performance. The risk of loss in trading and investment in Securities markets including Equites and Derivatives can be substantial. Also, The
One company is shaking things up in the ecommerce space. And that isn’t a flashy VC backed start-up. It's a company backed by the Indian government. I am talking about Open Network for Digital Commerce (ONDC). It has recorded a whopping 5.5 million transactions in December – its highest monthly figure since its inception. To put this into perspective, in January of the previous year, ONDC had only logged 2,000 orders.
- Feb 23, 2024Read More
What Platinum Industries Limited do? Platinum Industries Limited is stabilizer-producing firm that was founded in August 2016. firm produces lubricants, CPVC additives, & PVC stabilizers. Products from firm are utilized in packaging materials, rigid PVC foam boards, SPC floor tiles, electrical wires & cables, PVC fittings, PVC pipes, & more. Situated in Palghar, Maharashtra, company's production facility has 21,000 square feet of land.
- Feb 23, 2024Read More