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Sensex (65216) / Nifty (19394)

GIFT Nifty suggested a muted opening for our markets, taking cues from mixed Asian bourses and subdued US indices over the weekend. Mirroring this, the benchmark index started the session on a flat note but gradually gained momentum amid some choppy moves in the initial trading hour and levitated to 19400 subzone. The Nifty50 index managed to sustain higher grounds throughout the session and eventually concluded the day on a positive note, procuring 0.43 percent to settle at 19394 level.

Technically, there have been no significant changes in the chart structure as the index stayed within the consolidation zone of 20 DEMA and 50 DEMA. The broad-based buying emergence has certainly uplifted the broader sentiments; also, the resilience of not giving up easily on the technical support zone strikes the significance of a bullish undertone. On the levels front, 19300-19250 (50 DEMA) withhold the strong support zone, followed by the bullish gap at 19230-19200 in the comparable period. While on the higher end, 19480-19500 remains the daunting task for the bulls and a decisive breakthrough could only affirm some momentum in the index to set up near term trajectory.

Nifty Bank Outlook (44002)

The Bank Nifty initiated the day on a robust note with prices opening above Friday's high. Although there was a minor dip during the initial hour, the bulls viewed this as an opportunity, leading to a resurgence in buying activity during the mid-session. Despite the favourable outlook throughout most of the day, there was a subsequent round of profit-taking toward the close, causing prices to ultimately conclude slightly above the opening levels, ending above 44000 gaining 0.34%.

The week commenced with a positive tone; yet the price movement remains within the recent trading range. Yesterday, prices settled near the upper boundary of the range but remained tentative during the end to close with a 'DOJI' candlestick pattern, signifying uncertainty. In our sense, if there’s no major global aberration, there's a likelihood of surpassing the higher boundaries in the morning session, potentially setting the stage for positive momentum in the short term. The previous week's high at 44200 will be of keen interest, as breaching it could lead to testing the confluence area of the 20 EMA and 50 EMA at 44600, potentially unveiling further higher levels.

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