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Sensex (51823) / Nifty (15413)

Weak Asian cues led to a timid start to our domestic market, wherein the benchmark index had a gap-down opening. The Nifty50 index kept sliding downwards as the day progressed, and all the mid-session mere pullbacks got sold into by the bears. At last, the index concluded the day a tad above the 15400 level with a cut of over 1.44 percent.

On the technical aspect, the halt in buying interest post an intense day of rally certainly showcased the tentativeness among the market participants at the higher critical level. At the current juncture, the immediate support is likely to be seen around the 15300 level, wherein the placement of the index above the sacrosanct support of the 15180-15200 zone could be seen as the last resort of relief for the bulls. Meanwhile, on the contrary, the critical zone of 15650-15700 withholds the sturdy wall for the index, and till it is not claimed, it would be a challenging period for the bulls of D-street.

Hence, looking at recent developments that construe an unclear market trend, participants are advised to avoid any undue risk and stay abreast with the global developments. Also, with most counters trading near the oversold region, we advocate continuing with a stock-centric approach for better trading opportunities.

Nifty Daily Chart

Nifty Bank Outlook - (32845)

Post some tentativeness at higher levels on Tuesday, the bank nifty started on a negative note yesterday. Subsequently, there was no major traction on the upside and the bank index kept sulking lower throughout the session. It eventually ended with cuts of over a percent at 32845.

Yesterday's move in the broader markets has completely poured water on the bull's sentiment who felt that markets are staged for a strong bounce back. We can say the major culprit for this are the banking counters that have relatively underperformed in the last two sessions. The bank nifty seems to be in a consolidation phase within the big body formed on 22nd June and last few sessions the bank nifty is trading in a sequence of one up and down day. We sense this consolidation is likely to continue and traders should focus on stock-specific trades that are likely to give opportunities on both sides of the trend. As far as levels are concerned, immediate support is placed at 32600 - 32430 whereas resistance is seen around 33150 and 33460 levels.

Nifty Bank Daily Chart

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