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Sensex (61134) / Nifty (18191)

Similar to the previous session, the global markets seemed timid during the morning and in line with it, Nifty started the monthly expiry session on a negative note. Subsequently, after testing the levels around 18000; the price movement for the first half was very range-bound as Nifty gyrated within a 60 - 70 points range. However, as we stepped into the penultimate hour, the buying momentum picked up the pace in some of the heavyweight pockets (mainly banking), which lifted the overall sentiments to conclude a tad below 18200 with gains of 0.38%.

Price wise not much seems to have change; but if we consider the strong buying from the intraday lows then certainly one can say that the momentum is back with the bulls, especially after the last two days of a lackluster move. As highlighted in our previous outlook, 18000 - 18300 is the key trading range and yesterday after respecting the lower band, prices seems to be headed for the higher band in the coming session and end the calendar year on a merry note. A close beyond 18300 levels would be an impetus for the prices to move towards all-time high levels in the new year.

Nifty Bank Outlook (43252)

Bank Nifty as well started on a negative note and during the first few minutes went on to mark an intraday low of 42489. However, after that prices witnessed a consolidation before surging up in the penultimate hour. The positive momentum continued throughout the session to eventually end with gains around a percent tad above 43250.

On the daily chart, prices took strong support on 50SMA, and from there triggered strong traction to break beyond key resistance levels. Prices have now closed above 61.8% retracement level of the recent fall seen from the levels of all-time high to recent swing lows of 41569. Technically, by doing so, prices have completed the price correction and have resumed the primary uptrend. This high beta index has been an outperformer and going ahead as well we sense a strong move within this basket; traders are hence advised to remain upbeat and use any dips as a buying opportunity. As far as levels are concerned, immediate support is seen around 43000 - 42860 whereas resistance is seen around 43760 - 44000.

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