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Sensex (58297) / Nifty (17378)

Our markets had a pleasant start to the new week owing to favourable global cues. In the course of action, Nifty reached yet another milestone of 17400. However due to lack of follow up buying, the up move got restricted for the day. Market didn’t correct either, in fact it remained in a slender range of nearly 60 – 70 points throughout the remaining part of the session.

There has been no stopping for benchmark index and every day we are seeing new milestones being achieved. Before anyone could realise, we have conquered 17400 as well. The rally has been steady in nature but the kind of elevated levels we have reached now, it’s too fast too furious. Hence, although the trend is extremely strong, we remain a bit sceptical and continue to advise booking profits in the rally at least with a short term view. As far as levels are concerned, 17450 – 17500 would be seen as immediate hurdles and the moment we slide below 17340, we may see some decent profit booking towards 17250 – 17200.

Nifty Bank Outlook - (36592)

We had a cheerful start for the week; but in absence of follow-up buying the banking index witnessed some profit taking in the initial two hours of trade. As we progressed, index made an attempt to recovery in the midst but once again failed to hit fresh intraday low of 36554.45 and then concluded the day with a cut of almost half a percent. It’s the fourth consecutive session wherein the BankNifty has been witnessing strong selling pressure as it approaches 36900- 37200 zone. But, this is certainly nothing new as we have been observing such underperformance by this space since quite some time despite the benchmark has been clocking fresh record highs every day since last six trading sessions. As far as levels are concerned, the immediate support zone is placed around 36400- 36500; whereas, 37000-37200 is the sturdy wall now. Until we don’t see a strong move beyond this range, trades are advised focusing on individual counters that has been showing strength.

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