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Sensex (51018) / Nifty (15301)

Nifty started the day on a positive note and maintained a bullish bias throughout the day. Although it did not post any huge gains, the broader market was buzzing amidst which Nifty managed to end tad above 15300 with gains of six-tenths of a percent.

The slow and steady advance for our market continues and the trend for our market still remains up. Although there is not much movement in the index heavyweights, a lot of activity can be seen in the midcap and the small cap space and hence, the cash market stocks are more buzzing. As far as index move is concerned, we expect the Nifty to continue its march higher towards our first target of 15335 (which is almost there), followed by new highs very soon. With this gradual advance, the supports are shifting higher and now the immediate supports are placed around 15235 and 15163. Hence, we continue with our advice for traders to continue with a positive bias and look for buying opportunities on intraday declines.

Nifty Daily Chart

Nifty Bank Outlook - (34684)

The global set up was just apt yesterday morning to have a good head-start for the day. On expected line, the banking index too opened higher but once again failed to sustain at higher levels. Since the other heavyweight pocket IT was having a good day, the benchmark index Nifty did fairly well throughout the session to test the 15300 mark; but banking index kept sulking to conclude on a flat note. One day ahead of the monthly expiry has been full of action with market giving sizable moves (up or down) on previous four occasions; but this time it seemed to have ended this streak. Although we traded positive, there was no major action seen post the opening in these indices. The market is clearly enjoying its stock specific flavour and hence traders are continuing with the same approach. As far as levels are concerned for BANKNIFTY, we reiterate 35000 - 35200 as stiff hurdles; whereas the immediate support base is visible around 34400 - 34000. Traders are still advised to remain upbeat as long as we trade convincingly above 34000 and on the higher side, a breakout beyond the higher range should trigger some momentum. It would be interesting to see whether the expiry session brings some momentum back into the key indices or not.

Nifty Bank Daily Chart

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