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Sensex (60692) / Nifty (17845)

The Indian equity market had a decent start taking cues from mixed global bourses, wherein the benchmark index started on a mild note and tested the 18000 mark. However, the markets were hesitant to carry the momentum and kept hustling near the psychological mark in the initial hours. By mid-session, the bears showed their presence by tightening their grip, which pared down the gains and dragged Nifty to the lower grounds. Post all the hustles, Nifty settled the day in red with a loss of 0.56 percent, a tad below the 17850 level.

Technically, the lack of buying emergence has led Nifty to fall back into the same consolidation zone. As far as levels are concerned, 17700 is likely to act as the sacrosanct support zone and till it is firmly held, the undertone is expected to remain upbeat. On the flip side, 17900-18000 remains the sturdy wall for the bulls. In such a market scenario, the apt approach which is likely to play well is to buy on declines as near as the mentioned support and sell on the rise. Going ahead, one needs to keep a close tab on the mentioned levels and should avoid aggressive bets in the index for the time being. Also, we advocate traders to stay very selective as only a handful of stocks are providing good trading opportunities.

Nifty Bank Outlook (40702)

The banking index started the week on a quiet note in tandem with benchmark index. However, post the initial hour, the BANKNIFTY started drifting lower which kept on continuing as the day progressed. Eventually, the day ended with more than a percent cut and importantly below the crucial psychological mark of 41000.

The financial space has been the real culprit in last three sessions. Every meaningful bounce back is getting sold into; which certainly is not a good sign for the bulls. The coming session is likely to be the crucial one, because we are inching closer to the next important support zone of 40500-40300. As of now we expect the buying to emerge at lower levels. Let’s see how things pan out. On the higher side, the strength would come only after surpassing the 41000 mark

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