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Nifty holds 9000 despite some hiccups: Angel Broking

Posted On: 2020-05-22 22:07:28


Weekly Market Wrap Up by Mr. Sameet Chavan (Chief Analyst-Technical and Derivatives, Angel Broking):

"We had a positive start for the week on Monday, citing the cheerful mood in Asian markets and a good bump up in Dow Futures early in the morning. However, it was merely a formality as we saw markets taking a complete nosedive in initial trades. Within a blink of an eye, we not only broke the sheet anchor of 9000 but also hastened towards the 8800 mark. After seeing such a knock, markets recovered gradually throughout the remaining part of the week. However, due to some sell off post the ad hoc press conference by RBI on Friday, markets came off a bit from the morning highs. Fortunately, the damage at the close was not so big and hence, Nifty concluded the week with a marginal cut of a percent.

The most tracked and tradable indices, Nifty and Bank Nifty have shown some diverging moves in the last few weeks. In fact in the week gone by, Nifty corrected by merely a percent; whereas the banking index plunged over eight percent. If we look at the recent corrective move from April 30 high, the Nifty has not even retraced 50% but the Bank Nifty has corrected slightly over 78%. Looking at these observations, it is very much clear that the banking space has been the pain point and hence, it is not letting our markets move northwards. Now as far as levels are concerned, we were seeing 9000 as a key support but after seeing breakdown on Monday, we remained a bit sceptical due to formation of contradictory patterns on an hourly chart. Our scepticism proved correct as we saw Nifty immediately reclaiming the 9000 mark on a weekly closing basis. So hopes are still alive for the bulls, unless there is some aggravation with respect to US-China tensions or any other thing related to the Coronavirus pandemic.

For the coming week, all eyes would be on global markets and at our end, 9200 is the level to watch out for. Also, Any rally which is mainly driven by the banking space is considered to be a robust one and hence, if we manages to reclaim 9200 along with the considerably higher contribution from the banking conglomerates (Bank Nifty hourly chart depicts a positive divergence in RSI-Smoothened), we would see good relief move in the concluding week of the May month. On the flipside, 8900 - 8800 would be seen as crucial supports for the market."


Source: Equity Bulls

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