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Sensex (58909) / Nifty (17322)

Our market started the weekly expiry session on a bleak note, taking cues from the SGX Nifty and soon after the opening bell the benchmark index descended to the lower grounds. The bears once again tightened their grip, showing strong resilience in letting the Nifty surge. By the latter half, another round of sell-off dragged the index below previous day’s swing low dampening sentiments. Post all hustles, Nifty concluded the day in red with a cut of 0.74 percent and settled a tad above the 17300 level.

Technically speaking, a sign of timidness is evident as there is no cue of follow-up buying in the index to levitate the sentiments. The recent developments construe a motion of tentativeness among the market participants as Nifty struggles around the 200 SMA. The absence of buying is only worrisome; however, most of the indicators are in the oversold terrain and traders need to avoid fresh short bets for the time being. As far as levels are concerned, the immediate swing low of 17255 could act as the initial support zone, breaching which 17200-17100 could be tested in the comparable period. While on the higher end, 17450-17500 is the sturdy hurdle and an authoritative breach could only turn around the sentiments in the market.

Nifty Bank Outlook (40390)

The BANKNIFTY started the session slightly in the red in tandem with benchmark index. After some initial swings, the prices started declining, which kept happening throughout the session in a gradual manner. Eventually, the BANKNIFTY ended the session tad below 40400 by shedding nearly eight tenths of percent from previous close.

Looking at Wednesday’s move, we expected some decent moves in the upward direction. But due to lack up follow up buying, it poured water on this promising attempt. Now although, the correction was a bit depressing, we continue to remain hopeful as long as 40000 - 39700 is being held convincingly. Hence, traders are advised not to lose hope and wait for a sustenance above 40800- 41000. Meanwhile, 40500-40700 are to be seen immediate hurdles.

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