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Sensex (62626) / Nifty (18643)

The weakness among the global peers led to a timid opening in our equity market. The benchmark index Nifty50 started the day with a small gap down and hustled in a narrow range at the lower end throughout the session. Amidst the lackluster session, the bulls showed their comeback in the penultimate hour and made a modest recovery to pare down some of the initial losses. The Nifty concluded near the day’s high, shedding nearly 0.30 percent, and settled a tad below the 18650 level

On the technical front, the support of 18600 once again proved its mettle as bulls firmly retaliated to safeguard the same. We allude to our previous commentary to have the buy on dip and sell on rise approach, which seems perfectly aligned with the current market conditions. As far as levels are concerned, till the time the sacrosanct support of 18600-18500 is firmly withheld, there is no sign of worry for the participants. While on the higher end, a series of resistances could be seen starting from 18700-18750 to 18800- 18850 in the comparable period

Nifty Bank Outlook (43139)

The BANKNIFTY too had a muted start for the session in line with benchmark index. As the day progressed, we witnessed a gradual decline in banking counters. In absence of any recovery, the banking index ended the session with more than four tenths of a percent cut.

On Monday, banking space was the lone saviour and yesterday it became the major culprit. However structurally we do not see any major damage in the index. As far as levels are concerned, 43000 - 42800 remains to be a key support zone; whereas on the flipside, 43300 - 43500 has now become a strong cluster of hurdles. Traders are advised to remain positive as long as the important support base remains defended. Even though there was lack of traction in Bank Nifty, real action was seen in individual stocks and the PSU banking stocks continued with their recent outperformance. Going ahead as well, traders should focus on stock specific trades on the key RBI policy day.

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