Sensex (60284) / Nifty (17992)

The global markets witnessed some correction and in line with the same, the SGX Nifty hinted at a negative opening for our market. Nifty started the day marginally negative and sneaked below 17900 before noon. However, the index then recovered from the lows and rallied to end the day around the 18000 mark.

Once again our markets shrugged off the negativity seen in the global indices and market participants took the dip as a buying opportunity. Nifty has ended tad below 18000 which indicates that the momentum still continues to be positive. A lot of stock specific momentum was seen where better trading opportunities could be picked and hence one should continue to capitalize on the same. The immediate supports for Nifty are placed around 17840 and 17780 while resistance could be seen around 18130. Except IT, all indices ended in the green. Thus ,traders should continue to focus on stock specific approach and look for such short term trading opportunities.

Nifty Daily Chart

Nifty Bank Outlook - (38521)

The banking index opened on a soft note yesterday in tandem with benchmark. During the first half it remained in a small range with no clear direction. However post the mid-session, the buying reemerged in some of the banking heavyweights, especially the PSU basket. This lifted BANKNIFTY to new high towards the end to close tad above the 38500 mark. The banking space has clearly provided the helping hand for our market in last couple of days. It was certainly needed after IT basket started sulking post the weak set of numbers from TCS. The way banking index is shaped up, any follow up in the coming session would provide an impetus for the next leg of the rally. As far as levels are concerned, 39000 is the immediate level to watch in the upward direction; whereas on the flipside, 38000 - 37500 are to be considered as key supports now.

Nifty Bank Daily Chart

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