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Sensex (65881) / Nifty (19611)

GIFT Nifty taking cues from the mixed global bourses, indicated a mild opening for our markets, mirroring which the benchmark index Nifty50 started the session on a muted note. As the day progressed, bulls opted to take some money off the table and chose to remain spectators. Until the fag-end, wherein an intense bout of buying emergence was seen, levitating the index to intraday highs. Amidst the roller-coaster trading session, the Nifty50 index carried its winning streak and settled a tad above 19600, procuring 0.18 percent in the day.

The overall market breadth remained buoyant but with a narrow difference, signifying a sense of timidity as Nifty inched towards the crucial hurdle zone. Technically speaking, sustenance above 20 DEMA could be seen as a positive development and the in-between hiccups should not divert the undertone of the market. As far as levels are concerned, the bearish gap of 19680-19705 is very much in sight, which could be the last resort for the bears to temporarily halt the momentum. On the flip side, the pivotal support of 19500 is expected to act as a crucial demand zone, followed by the 20 DEMA in the comparable period

Nifty Bank Outlook (44409)

On the inaugural day of Wednesday's expiry session for the Bank Nifty, prices opened with a slight negative tone and gradually moved lower during the first half of the day. Bank Nifty hit an intraday low at around 44200, but a sudden surge in buying activity was seen during the penultimate hour leading to a recovery, recouping most of the losses incurred earlier in the day. Eventually, prices closed with a loss of 0.28%, ending a tad above 44400.

Once more, when considering the closing prices, there hasn't been a significant deviation from the closing values of the previous day. Nevertheless, the day was eventful, as prices experienced fluctuations in both upward and downward directions. Over the past three sessions, we've observed a tendency for intraday dips to be met with buying interest, and yesterday's late session buying activity augurs well for the bulls. The momentum generated suggests that prices could test the upper range of 44800 to 45000 in the upcoming sessions. However, to confirm a bullish breakout, prices must break beyond this range. Such a breakout would likely lead to further upward movement towards 45800 - 46000 and potentially beyond in the short term.

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