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Sensex (55818) / Nifty (16628)

The Indian equity market has witnessed a strong expiry session, wherein the timid opening led by weak Asian cues got bought into by the bulls of D-street. The splendid move was backed by broadbased buying that has boosted the overall market sentiments and has showcased the assertiveness among the participants. The benchmark index concluded the expiry session near the day’s high with gains of 0.64 percent and has reclaimed the 16600 level.

The technical structure construes to be encouraging, as the market has been hovering in a slender range for the last couple of trading sessions and is attracting buying interest at the lower levels. As far as levels are concerned, the unfilled gap on the downside of the 16370-16430 odd zone, which even coincides with the 21-DEMA, has already proved its mettle in providing a strong demand and is expected to yield immediate support. While on the contrary, the 200-DEMA placed near 16740 is likely to act as immediate resistance, and any decisive breach above the same could trigger fresh momentum in the coming period.

Nifty Daily Chart

Nifty Bank Outlook - (35614)

Once again the start of the day for the Bank Nifty was on a negative note however post that there was no real traction as it remained in a slender range of 300 points. The Bank Index eventually ended flat with no major change tad above 35600 levels.

If we observe the daily chart, we can see that the prices for the last three sessions are gyrating in a range. The best part for the bulls is that the bank index continues to hold the bullish gap left on 27th May and yesterday even though it underperformed the broader markets it didn't extend the morning loss to eventually form a green candle. The way some of the heavyweights from this space are placed does indicate that very soon we are likely to move out of this range that too on the higher side. Hence, as long as we hold the 35200 - 35000 levels, traders should maintain a positive bias and dips should be taken to add longs. On the higher side, immediate resistance is seen around 36000 - 36200 levels.

Nifty Bank Daily Chart

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