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Sensex (51598) / Nifty (15350)

Our market has started the week on a subdued note amid the weakness in Asian bourses and followed a sluggish move throughout the day. The benchmark index Nifty50 witnessed a lackluster day of trade where it spent most of the time in a slender range with no clear direction. However, by the fag end, some traction was seen in the index, resulting in a positive closure for Nifty with a mere gain of 0.37 percent at the 15350 level.

Technically, the index has snapped the six days of the selling spree with mere but positive closure, and any follow-up buying could demonstrate an encouraging sign for the bulls for the coming sessions. On technical parameters, the 15180-15200 odd zone has played the sheet anchor role for the past two consecutive sessions, and sustenance above the same could be a positive sign for the market participants. On the contrary, 15500 is to be looked at as an immediate hurdle, followed by the 15650- 15700 zone that holds the sturdy wall for the bulls of the DStreet.

Looking at the tentativeness among the participants, the index is likely to stay within the mentioned range until any decisive breakthrough on either of the sides is not seen. Hence, we advocate avoiding any aggressive bets and to continue with a stock-specific approach, focusing on potential bounce-back candidates.

Nifty Daily Chart

Nifty Bank Outlook - (32685)

Our markets opened on a flat note as there was no major development on the global as well as domestic front over the weekend. In the first half, markets resumed last week’s downward momentum but the damage was not big at all. In fact, towards the fag end, we witnessed some decent recovery in the market to conclude the inaugurating session with negligible loss.

Yesterday, the benchmark index showed some resilience throughout the day and BANKNIFTY underperformed slightly. But the way it rebounded in the last hour of the session, it has left us with some promise. For the coming session, 32450 – 32300 are to be treated as immediate supports; whereas on the flipside, 32800 – 33000 are the levels to watch out for. The moment we see banking index surpassing 33000, we would see this space taking a charge to help our markets give some sustainable relief. As a heads up, 32300 – 32000 is to be seen as key as well as critical support, because in case of any aberration on the global front, the banking stocks would continue their recent downward move.

Nifty Bank Daily Chart

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