Daily Nifty/ BankNifty News Letter

Nifty:

Nifty Outlook

Nifty traded on positive note today. Strong rally was seen in last trading hours of the market. Nifty-50 futures rebounding from 9800 level, nifty gained a momentum of 50-60 points for the day. Banking sector pulled up on the news of bank merger approval. After slipping, today’s trading session provided a positive movement and a new hope for bulls, gaining the momentum. Again for further session 9700 will act as major support.

Bank Nifty:

Bank Nifty Outlook

Bank Nifty Index saw a positive rally and almost a movement of 200 points held the bull’s head high for the day. PSU bank merger news lifted the hopes of traders and so a gain in index was seen, Union Bank pulling up from lower level gained more than 3% for the day, so was PNB and Andhra Bank. Further private players too performed well. Next 24500 can be seen as major resistance for the index.

Nifty Trends

R1 9990
R2 10050
S1 9700
S2 9610
Technical Outlook:

Nifty Day Performance

Open 9,811.00
High 9,874.25
Low 9,797.00
Close 9862.30

Top Gainers

IBULHSGFIN 1,222.20
BHARTIARTL 433.50
TATASTEEL 635.25
ADANIPORTS 385.00

Top Losers

TECHM 431.70
TATAPOWER 78.70
INFRATEL 382.85
EICHERMOT 30,580.15