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Sensex (56410) / Nifty (16818)

Our market has seen an optimistic start with a decent gap up, wherein the benchmark index Nifty50 tested the 17000 mark at the opening bell. But soon after, a sell-off got triggered that gradually dragged the index below Wednesday’s low, signifying the strength of the bears at higher grounds. With the intense day of sell-off, Nifty continued the selling streak for the seventh day in a row and settled a tad above the 16800 level with another cut of 0.24 percent.

Technically speaking, the overall sell-off in the broader market has dampened the sentiments, and the 17000 mark seems to be a significant hurdle for the index. The technical structure looks very disruptive, with all indicators signalling the trend southwards. Until we decisively claim to the 17000 mark, a sense of tentativeness could be sensed in the comparable period. As far as levels are concerned, the unfilled gap of 16750-16650 is expected to cushion any further correction, while on the higher end, 17000 followed by 17200 is the crucial hurdle for the benchmark index.

Nifty Bank Outlook (37648)

On Wednesday, the US markets rebounded sharply which provided a much needed pleasant start in our markets as well. BANKNIFTY too had a promising start; but it failed to capitalise on this lead. With global markets once again falling like a bottomless pit, the banking index too gave up its gains and eventually ended the session almost at the low.

There couldn’t have been the better situation for banking space to find its mojo back. But global woes continue to hurt Nd hence, till the time we do not see things improving there, the challenging phase continues. As far as BANKNIFTY is concerned, 37400-37200 is to be seen as key support zone; where on the flipside, 37800- 38000-38200 are to be considered as intraday hurdles. Although market is defying all oversold conditions, we advise traders not to get carried away and should avoid creating fresh shorts here.

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