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Sensex (58178) / Nifty (17355)

After an extended weekend, Nifty started the day on a flat note, but it witnessed some selling pressure in the first hour of trade. As the index entered sub-17300 level, some buying interest was seen and the index recovered much of the losses and consolidated to end with a marginal loss at 17350.

Yesterday’s price action in Nifty was similar to what we had seen during the last week. We witnessed some selling pressure during the day wherein the index breached 17300 mark. But again, buying interest was seen there and the markets recovered the losses during the day. Nifty traded within a range of 110 points but a lot of stock specific action was seen. Clearly, it seems to be a time-wise correction in the index and Nifty has formed a range of 17250- 17450. Now the next directional move is expected only when we see a breakout on either side and until then, traders should trade with a stock specific approach where better trading opportunities are seen.

The banking sector underperformed along with the heavyweight RIL which restricted the upmove in the index. On the flipside, the Metals and the PSU names were buzzing which provided good stock specific momentum for traders. It is advisable to focus on such thematic moves and trade with proper risk management.

Nifty Daily Chart

Nifty Bank Outlook - (36472)

The banking index opened marginally in the red and then immediately extended its losses to some extent. Fortunately going by the recent trend, no major damage done as the banking index stabilised around its intraday support.

Although banking index did not aggravate its morning losses, it remained sulking for the remaining part of the day. As far as levels are concerned, 36300-36000 are to be seen as key supports; whereas on the flipside, 36600-36800 continues to be strong intraday hurdles.

Nifty Bank Daily Chart

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