MARKET OUTLOOK – 03 Feb, 2017

Nifty Gains Continue As Markets Consolidate After Budget Rally; 2017 Likely To Be A Bullish Year With Index Crossing 9100 Towards Life Time New Highs; Short Term Trend Is Firmly Up, Bank Nifty May Outperform, Buy Bank Index On Every Dip

share Market view

NIFTY:
Nifty open with some positive point and extended their gain for the second consecutive day, get settle at 8734 with a gain of 18 point. It was more volatile day iniciatly market was in red terrority most part of the seesion before witnessing a surge buying activity in late afternoon session. As sectoral front pharma,IT, NBFC companies were the major gainer while auto sector witness of profit booking. As of now we believe that overall market trend remain bullish and the index should probably be heading higher after some consolidation or slightly coreection . Technically 8750‐8800 mark is short term resistance level for the market, so index need to surpaas this level on a sustainble basis for the new all time high.

BANK NIFTY:
Bank Nifty opens near yesterday close and traded very choppy today. Prices traded in a moderate range and closes near the open. This is normal after such a large range yesterday. Prices tend to trade in narrow range after a big sharp move. In our section NIFTY WATCh we have mentioned a statistical research about big large days. The research shows that there is a clear bullish bias if we buy 3‐4 days after such a big move. Then, we should be looking to buy a dip or consolidation in Bank Nifty on Monday or Tuesday, next week. Trade intraday only on long side of the market. In this sector HDFCBANK, ICICIBANK, YES BANK and INDUSINDIND BANK are the outperformers. Traders can look for buying in these stocks. To initiate a swing trade in the index, we should wait for some king of pattern to be developing and then trade that accordingly.

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