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Sensex (57892) / Nifty (17305)

Our domestic market witnessed a lacklustre day of trade amid the weekly expiry, tracing the mixed global cues. The benchmark index remained range-bound throughout the session with no clear direction. Eventually, the lacklustre session ended on a negative note tad above the 17300 mark.

There was no momentum seen in the market as leadership was lacking from the various sectors. And looking at the global scenario, the market seems to consolidate even further. As far as levels are concerned, 17100 is expected to provide vital support to the market, and any dip towards the same could be utilized by the bulls. On the flip side, 17500 is the immediate hurdle, followed by the sacrosanct resistance zone of 17650

Looking at the technical setup, the market is likely to trade in a consolidated manner, until a breakout on either side is seen decisively. We reiterate that the indices may not be doing much, the individual stocks are not at all short of action. Hence one should continue to identify such potential movers and trade accordingly.

Exhibit 1: Nifty Daily Chart

Nifty Bank Outlook - (37532)

The Bank Nifty index has witnessed a lackluster day of trade and has underperformed the benchmark index to settle on a negative note with a loss of over 1.11 percent at 37531.65. The index seemed stuck in a narrow range-bound movement from the past two trading sessions and lost its sheen.

On technical parameters, the index is hovering at the cluster of its exponential moving averages on the daily chart and is struggling to surpass the mean of the Bollinger band. Also, on the oscillator front, 14 days RSI has failed to witness a positive crossover, indicating a sign of cautiousness in the counter. At present, 36900-37000 is considered to act as the immediate support zone, while on the flip side, 38000-38200 could act as a primary hurdle for the index. Until any decisive breach on either side is not showcased, the index will likely remain range bound. Considering the technical setup and global uncertainty, staying cautious and restraining from any heavy leverage positions is advisable. Also, to be stock selective as volatility is likely to remain higher.

Exhibit 2: Nifty Bank Daily Chart

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