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Sensex (65780) / Nifty (19575)

The Indian equity market continued its upward journey for the third consecutive session, wherein the broad-based buying weighed in to showcase optimism. The benchmark index Nifty50 witnessed a slender range-bound movement but sustained higher grounds for the entire day, with an intriguing bullish undertone. Amidst the range-bound and lackluster trading session, Nifty maintained its winning streak and settled a tad below 19600, procuring 0.24 percent.

The recent price action and market participation certainly portray positive development in our market. Also, on the technical front, the follow-up buying above the 20 EMA and pivotal resistance of 19500 adds to the bullish quotient. The Nifty50 is now eyeing the bearish gap of the 19680-19700 zone and an authoritative breach would dictate the next leg of rally. On the contrary, the pivotal 19500 zone should now provide a cushion for any upcoming blips, while the 19450-19400 (20 EMA) should act as a strong support zone in the near period.

Nifty Bank Outlook (44532)

The high beta index witnessed a mild positive start at the beginning of the day. However, as the day progressed, prices gradually declined for the major part of the day. In the penultimate hour, there was a slight recovery from lower levels, causing prices to bounce back and regain most of the ground lost in the morning. Eventually, the day ended with a negligible loss of 0.10%, closing a tad above 44500.

For BANKNIFTY, it was a lackluster day, and there haven't been significant technical changes compared to the previous day. Prices continued to trade within the range established in the previous day's trading session, indicating a tentativeness at higher levels as prices have approached the upper boundary of the recent consolidation phase. It's crucial to note that the resistance zone between 45000 and 45200 needs to be breached for any meaningful momentum to emerge; otherwise, the market may remain in this state of stagnation. If a sustained breakout occurs beyond this range, it could propel prices towards 45800 to 46000 and beyond in the short term. Over the last two sessions, the market has demonstrated resilience at lower levels, supporting the strategy of buying on dips. In this context, the immediate support levels are at 44300 to 44200.

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