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Sensex (65618) / Nifty (19439)

The favorable global cues led to a buoyant start for our markets, wherein the benchmark index had a decent gap-up opening and continued its momentum during the first half of the session. The broad-based buying emergence levitated the sentiments and led the index to inch toward lifetime highs; however, traders opted to book profits in the latter half at the higher grounds, leading to some cool-off in the index. Amidst the tug of war, the Nifty50 index concluded the session with a 0.43 percent gain and settled a tad below the 19450 zone.

Technical speaking, the undertone suggests strong bullish biases in the market, which is evident by the market breadth. Also, the longevity of the index near the higher levels indeed depicts the resilience of the bulls to continue the northward journey. But, from a technical aspect, sustainable buying above the 19500-19520 zone could only open up the next leg of rally in Nifty towards 19600- 19650 on an immediate basis. Simultaneously on the downside, any dip towards the support zone of 19300 is likely to attract buyers, while the sacrosanct support lies at the bullish gap of 19200-19235 in a comparable period.

Nifty Bank Outlook (44745)

The Bank Nifty index had a positive start mirroring the benchmark index and kept the momentum for the first half. However, the profit booking in the latter period led to a plunge in the index, which not only pared down the initial gains but led it to negative territory. The index continued its selling streak for the third consecutive session and settled a tad below 44750, with a mere cut of 0.26 percent.

Technically, the underperformance is evident in the banking space, which also acts as a major spoilsport for the overall market sentiments. On the technical front, 44500 is likely to act as a strong support, while any breach could disrupt the ongoing trend in the short run. On the flip side, 45000-45300 remains the immediate barrier, and until we witness a decisive closure above the same, the ongoing underperformance could be extended in the index.

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