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Sensex (49502) / Nifty (14942)

Nifty started the week on a gap up, but it then consolidated within a range throughout the day with a positive bias. Amongst a good stock specific action, Nifty managed to end with gains of eighttenths of a percent around 14950.

The positive global markets provided an impetus for a head start for the week. The index was approaching the psychological mark of 15000 once again and although we did not surpass it yesterday, the overall activity in the broader markets was much positive. One or the other sector kept buzzing throughout the day which provided good trading opportunities for traders. The banking index has been undergoing some consolidation and until we see a good buying interest in this space, the index could see such slower moves. A move above 15000 could lead to some momentum towards 15150 immediately. On the flipside, the support seems to be shifting higher which is now seen around 14850-14800

The Pharma and the PSU space continued to witness good buying interest while the Nifty midcap index too is positively placed. Traders are advised to continue to focus on such individual pockets which could provide good short term returns.

Nifty Daily Chart

Nifty Bank Outlook - (33142)

Yet another Monday kick-started with a gap and this time it surprised pleasantly in the upward direction. The banking index too started well above the psychological mark of 33000; but this was followed by a complete lethargic movement throughout the remaining part of the session. The index gyrated in a slender range to eventually conclude with over seven tenths of a percent gains.

Although the banking space remains in a positive terrain, there is no momentum seen at all during the day. The broader market has been shining since few days and it continue to do so. Hence, traders are more inclined towards the stock specific action outside the index and not really focusing on key indices. As far as levels are concerned for BANKNIFTY, 33500 is the key hurdle to watch out for. Above this it opens up for a good move towards 33750 – 34000 levels; whereas on the flipside, 33000 is to be seen as a strong support.

Nifty Bank Daily Chart

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