On the downside, any breach below the last session low of 32000 odd zone could dampen the sentiments further
Bank Nifty index closed the week on a negative note, facing resistance around 37,300 levels post a brief bounce
A breach of the same might bring in further uncertainty in the markets
A weekly close below the same might reinforce the bears to drag the index much lower
Nifty Bank not only outperformed the benchmarks, but also managed to clear the hurdle of 39,000.
Long term investors should wait for more corrections to enter or just buy some laggards like ITC for some value buying
The lower end of the rising channel acted as support for the Nifty. Now, the index is very much close to the milestone of 18,000.
Reliance Industries which is seeing a downtick at the moment, can be seen as a good point for long term investors.
A temporary breather after ~8% rally over the past four weeks would present an incremental buying opportunity to build a quality portfolio.
The VIX suggests that the consolidation phase is about to end and markets might turn volatile going ahead