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Sensex (29894) / Nifty (8749)
After a stupendous rally on Tuesday, our markets opened lower on the back of sluggish cues from the global bourses. However, after the initial hiccup, index stabilised and then resumed it’s upward trajectory. In fact, at one point, the buying momentum turned into an euphoria. In the process, Nifty not only hastened towards 9000 but also went on to surpass the 9100 mark. However, with DOW futures cooling off from highs, our markets too witnessed a nosedive in the latter half to eventually pare down all gains and ended the day with a half a percent cut.
Barring yesterday’s profit taking from higher levels, last couple of sessions have been excellent for markets across the globe. Some of the beaten down stocks rebounded quite sharply, giving some sigh of relief for trapped traders in the recent past. In our previous article, we had mentioned possibility of extending this pull back rally towards 9000-9050. Although, index surpassed this zone due to euphoric situation; but eventually it acted as a stiff hurdle. With yesterday’s roller coaster move, the daily candle indicates uncertainty and hence, the coming session would be quite crucial for our markets. On the higher side, 9000-9100 remains to be a study wall now and on the flipside, we may see weakness below 8650.
Nifty Bank Outlook - (18946)
The Bank Nifty Index aswell started on a marginal weak note however the ruboff effect of the previous session pushed the bank index higher. At one time the bank index was up more than 6% however selling pressure at higher levels pulled the bank Index lower to erase all the gains and to end with a loss of 0.61% at 18946.
On the daily chart, the bank index witnessed selling pressure after entering the vicinity of 20SMA and formed a small body candle with long upper wick. Going ahead, yesterday’s low around 18400 can be taken as crucial level as below the same the bank index may slip towards 17200 mark. On the flip side, 20000 and 20600 continues to be a stiff hurdle. Traders are advised to keep a tab on the above levels and trade accordingly.
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