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Sensex (60433) / Nifty (18044)

We had a flat opening yesterday on the back of muted cues from the global peers. In first couple of hours, Nifty had a small bout of profit booking after testing the 18100 mark. However there was no major damage done as Nifty stabilised immediately after sneaking below 18000. During the remaining part of the session, it remained in a slender range to eventually conclude the session with a negligible loss.

Monday’s wild swings on both sides was followed by a quiet session yesterday; because there were lot of mixed moves within the heavyweight basket. However the real action was seen outside the index in some of the individual stocks. Since there was no major price movement in the benchmark, our view and levels more or less remains the same. We have been mentioning the levels of 18100 – 18200 (immediate resistances) in order to regain strength but if we take a close look at the broader picture, 18350 stands to be a crucial level which if gets surpassed, Nifty could see new highs thereafter. But till then one should continue with a ‘Sell on rise’ strategy. On the flipside, 17950 – 17850 are to be considered as key supports. Traders are still advised to stay light and even if one wants to focus on individual stocks, a proper money management is must to follow

Nifty Daily Chart

Nifty Bank Outlook - (39369)

We had a flat start yesterday and then prices remained in a range throughout the session to eventually end with marginal a loss of 0.18% at 39369.

Technically not much has changed as prices traded within a very slender range of 300 points and ended within the previous candle range. If we meticulously observe the daily chart, prices have traped within a range of 40000 – 40200 on the higher side whereas 38400 on the lower side. In the last few sessions, we have seen underperformance by heavyweight private banks whereas the PSU banks and some of the mid-size private banks have shown significanct outperformance. Hence, as long the bank index is trapped in this range, traders should continue with stock specific trades that are giving opportunities on both sides of the trend.

Nifty Bank Daily Chart

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