The market closed with a positive bias on September 3, continuing its upward journey for the 14th consecutive session. Most experts predict that the ongoing consolidation may break out on the higher side. If the Nifty closes above 25,300, the immediate target is 25,400, with support levels at 25,200 and 25,000. For Bank Nifty, holding above 51,500 could push it to 52,000, with key support at 51,000.
Nifty Outlook and Strategy:
Ashish Kyal, Waves Strategy Advisors:
The Nifty is consolidating at the higher end, with a breach below 25,180 being a concern. The trend remains positive, with a target of 25,361 (Gann).
Ø Key Resistance: 25,650 (September Futures)
Ø Key Support: 25,180 (September Futures)
Ø Strategy: Create long positions on a break above 25,420 with a stop-loss at 25,340 and a target of 25,550, followed by 25,650.
Apurva Sheth, SAMCO Securities:
Despite the 14-day winning streak, September has historically been a negative month for Nifty. Expect a flat to negative bias in the near term.
Ø Key Resistance: 25,395, 25,500, 26,000
Ø Key Support: 25,000, 24,800, 24,500
Ø Strategy: Employ a Call Ratio Spread strategy with a target profit of Rs 3,500 or exit if losses exceed Rs 2,000.
Riyank Arora, Mehta Equities:
The Nifty could move towards 25,500 and 25,600 levels, with potential to reach 26,000 eventually.
Key Resistance: 25,500, 25,600
Key Support: 25,200, 25,000
Strategy: Buy at CMP of 25,280 with a stop-loss at 25,200, targeting 25,500 and 25,600.
Bank Nifty - Outlook and Positioning:
Ashish Kyal, Waves Strategy Advisors:
Bank Nifty closed above the previous day's high, signaling a positive trend. The index has maintained its low since August 14, suggesting a bullish outlook.
Ø Key Resistance: 52,100 (September Futures)
Ø Key Support: 51,300 (September Futures)
Ø Strategy: Long positions above 51,900 with a target of 52,100, followed by 52,390, as long as 51,500 holds.
Apurva Sheth, SAMCO Securities:
Bank Nifty has underperformed but is now showing signs of recovery. Closing above 51,500 indicates bullish momentum, with private sector banks leading.
Ø Key Resistance: 52,000, 53,000
Ø Key Support: 51,500, 51,133
Ø Strategy: Execute a Bull Call Spread by buying a 51,800 strike Call and selling a 52,500 strike Call for the September 11 expiry. Target profit is Rs 6,000.
Riyank Arora, Mehta Equities:
Bank Nifty has broken above 51,500, signaling targets of 52,000 and 52,500. Strong buying momentum in banking stocks supports this bullish trend.
Ø Key Resistance: 52,000, 52,200
Ø Key Support: 51,400, 51,000
Ø Strategy: Buy at CMP of 51,689, with a stop-loss at 51,400, targeting 52,000 and 52,500.
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