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Sensex (61350) / Nifty (18268)

The global markets were indicating a positive start yesterday and in line with, our markets had a gap opening by a small margin. In the initial trade, we moved higher towards 18200 which got sold into immediately. Market slipped towards 18100 around the mid session but fortunately after couple of indecisive swings, we started marching higher towards the fag end of the session. As a result, the Nifty finally had some bounce back to end tad below 18300.

Now whether market has completed it’s correction or not, that time will only say. But in our sense, even if it extends this bounce, we are likely to see some pressure at higher levels. Hence we do not want to get carried away because market had turned oversold and some sort of relief was on cards. For the coming session, 18350-18400 are to be seen as immediate hurdles; whereas on the lower side, 18100 followed by 18000 has become a sacrosanct support zone. Although midcap index has rebounded sharply, traders are advised not trade aggressively and it’s better to keep a track of mentioned levels.

Nifty Daily Chart

Nifty Bank Outlook - (41238)

Post last three sessions fabulous run, we began yesterday’s session slightly lower and saw the banking index trading in a range throughout the day. The dull session for BankNifty concluded with marginal gains of one tenth of a percent.

This space has been showing merry run lately but the momentum was missing in yesterday’s session. However, this could just be a breather as the overall picture still looks strong. At current juncture, 40500-40600 remains a strong demand zone and until we manage to sustain above same there is no sign of worrisome; whereas, on the up side immediate resistance is placed 41600-41800 zone. We reiterate preferring stock specific trade as they have been providing good trading opportunities on both the sides.

Nifty Bank Daily Chart

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