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Sensex (58992) / Nifty (17360)

The financial year 2022 adieu on a positive note, wherein the benchmark index finally headway to emerge from the slumber phase on the very last day of the year. Overall, the truncated week was quite challenging as the market initially stayed within a slender range, but the last two sessions were surprisingly buoyant, which levitated the sentiments and led to the hope of revival in the coming period. Amidst all the whipsaw moves throughout the week, the Nifty50 index concluded on a positive note, procuring nearly 2.50 percent from its previous closure and settled a tad above the 17350 level.

Technically speaking, the last two trading sessions construe positive developments and it is highly anticipated to continue the cheerful run in the upcoming financial year. The broad-based buying has levitated market sentiments and can be seen as a sign of progression as we emerged from the slumber phase. As far as levels are concerned, the bullish gap of the 17200-17130 odd zone is expected to cushion any short-term blip, with the sacrosanct support placed around the psychological mark of 17000 for the time being. While on the higher end, a decisive move beyond the bearish gap of 17450-17580 would affirm the trend reversal in the market.

Nifty Bank Outlook (40609)

The week started slowly and there wasn't much activity at first, but momentum picked up on the expiry day, leading to a breakout of the recent congestion zone. As a result, prices saw significant positive traction on Friday and ended the week with gains of over 3%, to settle a tad above 40600.

During the week, the high beta bank index outperformed the benchmark and formed a structural higher bottom on the daily chart. Prices have now closed above the higher range of the past two weeks, indicating that momentum is back with the bulls. Hence, traders should maintain a positive bias going forward, and any dips should be viewed as buying opportunities. The bullish gap left around 40180-40055 is expected to serve as immediate support. On the other hand, traders should keep a close eye on the confluence zone formed by the descending trend line, bearish gap, and 89EMA around 41000-41200. A sustained move beyond this level could lead to a fresh leg of upside, breaking the prices from the recent bearish cycle.

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