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Sensex (62273) / Nifty (18484)

The positive global developments led to a firm start in our equity market, and gradually the benchmark index kept surging upward on the expiry session. The broad-based buying has uplifted the overall market sentiments, which certainly portrays the urge of the bulls of D-Street while favorable conditions. The Nifty50 index finally concluded the day at a 52-week high with gains of 1.19 percent, a tad below the 18500 level.

Technically, the index has maintained its cycle of higher highs – higher lows and decisively breached its previous swing high on the daily chart. Simultaneously, the strong bullish candle formation and the buoyant market participation on the expiry day construe an encouraging sign for the market. On the level front, the 18200- 18300 level is expected to provide a cushion to any minor decline from the ongoing up move. At the same time, the index is wellversed to reclaim the lifetime high zone and enter uncharted territory in a comparable period.

Nifty Bank Outlook (43075)

On the expiry day, Bank Nifty started with a gap-up opening and then for the major part remained within a range with a strong positive bias. During the final hour, there was one more round of buying that pushed prices higher to eventually end with gains of 0.81% at 43075.

After breaking above a consolidation range in the previous session the bank nifty is back in momentum and yesterday created one more milestone by crossing the 43000 mark. The Bank Nifty is in uncharted territory and many more such milestones are just a formality; traders should hence continue with the positive bias and dips should be taken as a buying opportunity. As far as levels are concerned, 42950 - 42800 are likely to act as immediate support whereas 43250 - 43400 may act as resistance. After two days of strong upmove the action may switch back to the individual counters and hence traders can ideally focus on such counters that are showing signs of outperforming opportunities.

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