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Sensex (49771) / Nifty (14736)

The week started yesterday on a flat note as indicated by the SGX Nifty owing to slightly sluggish cues from the global peers. The index started skidding in the initial trades, which was mainly led by the financial space. The selling aggravated immediately post the midsession to enter sub-14600 territory. Fortunately, after some volatile swings, some of the other heavyweight spaces like IT and FMCG came for a rescue.

Eventually, Nifty managed to recoup all losses to conclude the session on a flat note. For the major part of the day, market remained slightly under pressure; however few individual themes did extremely well. As a result, we witnessed good buying interest at lower levels in some of the heavyweight counters.

As far as levels are concerned, 14800 – 14875 are the levels to watch out for and on the other side, 14700 – 14600 is acting as a support zone. Market has become slightly tricky in the monthly expiry week; because the heavyweight financial space is not letting market go beyond 14800; whereas other pockets are providing strong support at lower levels.

Let’s see who becomes dominant in the forthcoming session to gauge the immediate direction of the market. Since, the benchmark is more or less in a consolidation mode; one should continue to focus on individual stocks. But still the aggressive bets are strictly not advisable as we are not completely out of the woods yet.

Nifty Daily Chart

Nifty Bank Outlook - (33603)

After a flat to a mild negative start, the bank nifty crept lower right from the word go to mark an intraday low of 33389. Eventually, in the last hour, some bounce back was seen from the Friday’s low to end tad above 33600 with a loss of 1.63%. Friday's bounce back seemed to have gone in vain as Bank Nifty yesterday underperformed the benchmark indices and gave up most of Friday's gains.

Yesterday some respite was seen around the Friday's low around 33350 and matching lows can be seen; going ahead a slip below the same can trigger a fresh leg of weakness. On the flip side, 50SMA is acting as stiff resistance and any bounce towards 34150 - 34350 is likely to get sold into. Traders are advised to keep a tab on the mentioned levels and trade accordingly.

Nifty Bank Daily Chart

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