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Sensex (52837) / Nifty (15824)

Our markets had corrected ahead of the mid-week holiday owing to negative global cues. However, the global markets recovered from their lows which led to a positive sentiment, and hence we started yesterday’s session with a gap up. The benchmark index traded with a positive bias throughout the day and ended the weekly expiry session well above 15800, with gains of almost 200 points.

This week, our market moves have been led by the cues from the global peers and hence, relief in the global markets led to a recovery in our markets too. Nifty reclaimed the 15800 level at close and the midcap space witnessed good buying interest throughout the day. The broader charts depicts that we are still in a consolidation phase and have witnessed upmove from the lower end of the trading range. Hence, it is prudent to focus on a stock specific approach as there are better opportunities seen there. Global cues could continue to drive our markets direction in the near term and hence, traders should keep a close tab on the same as we head towards the weekly close. The immediate supports for Nifty are placed around 15760 and 15680 while resistance is seen in the range of 15880-15960.

Nifty Daily Chart

Nifty Bank Outlook - (34677)

Post a mid-week holiday, Bank Nifty as well started on a positive note however as compared to the benchmark index it lacked follow-up buying and after an initial upmove, it slipped lower to erase most of the opening gains. Bank Nifty eventually ended with gains of 0.76% at 34677.

The recent underperformance in bank nifty continues and yesterday again tentativeness was seen after approaching the psychological levels of 35000 that coincides with 50SMA. We continue to see a stiff hurdle around the 35000 mark for today's session and then around the bearish gap left this week around the 35350 levels. On the flip side, 34350 and 34170 is the immediate support. We advise that until we see a clear trending move, traders should refrain from banking space and focus on broader markets that are giving outperforming opportunities.

Nifty Bank Daily Chart

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