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Sensex (61355) / Nifty (18148)

After an extended weekend, we started the session on a pleasant note owing to smart rally in US markets on Friday. In the initial trades, we extended the move to challenge the 18200 mark. However, due to lack of conviction at higher levels, Nifty slipped into a consolidation first and a tiny bit profit booking was witnessed in the latter half to eventually conclude the session with yet another half a percent gains.

The way our markets behaved in last couple of sessions of the previous week, it has certainly lifted our markets in a much safer terrain. As we alluded to in the previous commentary, the Nifty is now about to enter a crucial cluster of 18200 – 18500. However, traders should avoid being complacent here, because surpassing 18200 – 18250 would be a daunting task for the bulls.

Nifty Bank Outlook (43352)

We had a cheerful start for the week but post opening the momentum was clearly lacking as the index kept grinding in the narrow range. After some profit taking in the final hour, the Bank Nifty settled the day around 43350.

After concluding April month at the highest point, the traders are certainly eyeing the record high levels and considering the outperformance seen off late the levels above 44000 looks very much in sight. Yesterday, we hardly saw any relevant price action, but such breathers are very much possible before heading to higher levels. Immediate resistance can be seen at 43800, followed by the key hurdle of 44000-44150 levels, while the immediate support zone shifts higher towards the 43000-42700 zone. We maintain our optimistic stance on this space but going ahead it won't be a smooth rise, hence traders should use dips to add longs and higher levels should be consider to book profit.

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