NIFTYBANK - "VAMPIRE" Magic

17 apr 2023

The twin's power continues, the magic 20% growth continues, will market focus on the QnQ performance or the YoY numbers. Niftybank has broken the supply line and above the VWAP line thus the market would look to buy the dips. Many PSU counters and some sectors based on certain kind of news are finding space for buyers (for example AU Small Finance). While this space bulls hide the other weighted index IT, bears will hide for the day. Interesting to see who dominates the proceedings for the day. Previous strong supply zone of 41600 now becomes the support or demand zone and that area remains attractive to the bulls while broader profit taking to start with and then the rotation within the index is to be watched. 41800-42400 range would be to watch and prefer on the buy side on this one than otherwise. Suffice to watch the range and scout for the lower opportunities either on the individual spaces or the index as such.