It was the day of Consolidation; SBI may continue to outperform ahead of IPO SBI card - TradingBells

Mr. Santosh Meena - Senior Analyst

It was a day of consolidation post a brutal fall of yesterday amid surging worries of Coronavirus. The Coronavirus has taken center stage in terms of major cues to dictate the direction of equity markets around the globe. It will continue to remain a dominant factor which will cause near term volatility. We are in expiry week where expiry related move will also cause near term volatility.

Technically, Nifty has an immediate and critical support zone of 11750-11700 where 11684 is 200-DMA. If Nifty manages to hold its 200-DMA then we can expect a short-covering rally in coming days where 100-DMA of 11960 will be immediate support; above this we can expect further strength in the market but if Nifty surrenders its 200-DMA then selling pressure may get momentum for major downside where 11600/11500 will be immediate support levels.

If we talk about stock then SBI may continue to outperform ahead IPO of SBI card.

Source : Equity Bulls

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