Outlook Of Nifty/bank nifty today

Nifty Outlook:

The Indian market reached fresh record highs on Friday as S&P BSE Sensex hit mount 31k while the Nifty50 climbed 9,600 peak with ease. The S&P BSE Sensex is up more than 16 percent so far in the year 2017 while Nifty50 rallied a little over 17 percent in the same period. The next question which everybody wants to ask – will the rally continue? Well, the latest analyst estimates according to technical indicators suggest a massive rally for benchmark indices which can take S&P BSE Sensex towards 100,000 and Nifty50 towards 22,000-38,000 in the next 5-7 years.

Bank Nifty Outlook:

This week in the banking sector saw some new strategies and announcements related to bad loans and some capital-raising plans by banks to step up efforts to revive banks’ financial strength. The highlight, however, was the 64 percent increase in payout for FY17 received by Chanda Kochhar, MD and CEO of ICICI Bank, which is also the country’s biggest private bank. RBI also laid out action plan to implement the Banking Ordinance in order to provide better resolution of NPAs.

Nifty Trends

R1 9640
R2 9700
S1 9570
S2 9500

Technical Outlook:

Top Gainers

TATASTEEL 511.30
VEDL 242.25
HINDALCO 198.25
IBULHSGFIN 1,086.55
BPCL 753.00

Top Losers

SUNPHARMA 565.75
IOC 425.90
CIPLA 491.25
LUPIN 1,112.00
TCS 2,570.05