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Sensex (66528) / Nifty (19754)

Our market started the day on a mild note, wherein the bulls firmly capitalized on the opportunity to push the market upwards. The benchmark index Nifty50 witnessed a modest rebound from the pivotal support and settled in green amidst some buying in heavyweights. Eventually, with the market breadth on the positive side, Nifty concluded the session on a positive note around 19750 with gains of over half a percent.

The sustainable movement in the key indices throughout the day construes a positive development. The bulls once again showed resilience to portray a buoyant undertone. As far as levels are concerned, 19600 is likely to act as a cushion, while the pivotal zone of 19500, coinciding with 20 DEMA, is expected to act as sacrosanct support. On the higher end, a cluster of resistances can be seen around 19800 - 20000 in the comparable period.

Nifty Bank Outlook (45651)

Bank Nifty had a positive start for the week, despite experiencing some minor intraday dips. The undertone remained positive, though the session was relatively subdued for this high beta index. By the end of the day, prices managed to gain about 0.40%, closing a tad above 45650.

Observing the daily chart, there’s no major negative developments following Thursday's sell-off, and prices are holding on to the crucial support of 20-EMA. Presently, this prominent heavyweight index is undergoing a consolidation phase and may likely continue in this pattern leading up to the RBI policy announcement next week. The support level to watch is around 45300 – 45200, while immediate resistance is anticipated between 46000 – 46300. For traders, a favourable strategy would involve buying during dips and taking profits at higher levels. A significant directional move is expected only upon a breakout from this range. Despite the relative quietness in the key indices, there has been noteworthy stock-specific action within this category. Traders are encouraged to identify potential performers that may provide opportunities to outperform key indices.

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