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Sensex (52550) / Nifty (15748)

We had a flat start yesterday since there was no major trigger on the global front. In the initial trade, market slid lower and within no time, Nifty was back to 15750. Around the mid-session, bulls made a valiant attempt to recover but the selling reappeared after reaching the 15800 mark. Eventually, Nifty ended the session tad below 15750 by losing more than four tenths of a percent.

Yesterday’s session was extremely lethargic in terms of index as well as individual stocks. The other tradable index BANKNIFTY was in action throughout the day but unfortunately it traded with negativity. The defensive names like FMCG and PHARMA came for a rescue and restricted the damage in our benchmark. The Nifty has now entered a strong support zone of 15750 – 15700 and if any recovery has to happen, it will come from this zone only. The banking space here becomes the trend deciding factor because it is now placed at a crucial juncture. On the upside, we would see Nifty heading towards 15850 – 15900 once it manages to reclaim the 15800 mark convincingly.

Nifty Daily Chart

Nifty Bank Outlook - (35010)

Post Monday’s flat close, we started trading slightly lower in absence of any major trigger from the global market. As we progressed, we witnessed decent profit booking from the word go to drag index below 35100 in the initial hour of trade. Post some consolidation in in the midst, once again selling was observed to fall almost towards 34900 and then finally we concluded the day around the important mark of 35000.

Monday’s move towards 35500 was such a relief for bulls but the nervousness seen in last two session have once again poured water on all the hopes. Yesterday, the banking index closed at a very crucial juncture of 35000 mark and follow-up move in forthcoming session shall dictate the near term trend for market. On hourly chart as well, it is hovering around the important support zone of 89 EMA and 200 SMA. So all eyes on this space now, till then it would be advisable to avoid any aggressive leveraged bets and should wait and watch until we see some light on the near term trend.

Nifty Bank Daily Chart

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