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Sensex (52951) / Nifty (15885)

Nifty started the August month with a gap up of over 100 points as indicated by the SGX Nifty. However, the index then consolidated within a range throughout the day and ended tad below the 15900 mark.

It was a day of consolidation post the gap up opening, but the market held on to the gains seen at opening and stock specific action was seen throughout the day. Recently, we have seen that as the index approaches 15900-15970, we see some cool-off from those levels. It would be interesting to see how index behaves in the next couple of sessions as we are back to the resistance end. A move above the above mentioned range could lead to some momentum on the higher side. On the flipside, 15830 and 15790 are seen as the intraday supports. Traders are advised to continue to focus on stock specific trades and avoid aggressive overnight trades.

Most of the sectoral indices ended in green yesterday which is a good sign. The Realty index was buzzing from opening and outperformed other indices throughout the day. Traders should focus on such themes/sectors which are buzzing and look for stocks from such sectors from a trading perspective.

Nifty Daily Chart

Nifty Bank Outlook - (34710)

The BANKNIFTY started the week on a positive note yesterday in line with our benchmark. However, there was not much follow up seen to this head start. In fact, towards the fag end of the session, the banking index trimmed some portion of its gains to conclude with nominal addition of 0.36% from the previous close.

In last four trading sessions, Nifty gave a decent recovery from its lower range and is now knocking the doors at it record highs; but the similar sort of recovery is not visible in the banking space. Although it successfully managed to defend the sacrosanct support of 34200 – 33900, the buying interest is clearly missing in banking conglomerates. It is lingering around the key moving average of ’89-Day EMA’ but showing no real strength. For the coming session, 35000 followed by 35200 are to be seen as stiff hurdles and if Nifty has to reach the millstone of 16000, BANKNIFTY needs to come out of its slumber phase. On the flipside, the immediate support is placed at 34500.

Nifty Bank Daily Chart

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