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Sensex (57614) / Nifty (16952)

The Indian equity market had a lackluster day of trade amid the absence of buying interest. Despite a positive start, suggested by the SGX Nifty, bulls lacked the confidence to capitalize on the move and the benchmark index hustled in a slender range throughout the day. Amidst the dull day, Nifty corrected 0.20 percent from its previous day’s close and settled slightly above the 16950 level.

On the technical front, no sign of respite was seen in the index as it struggled in a tight range. There have been no significant changes in the chart structure, showcasing the timidity among the market participants. As far as levels are concerned, 16900 remains the immediate support, followed by the sacrosanct support of the 16850-16800 zone. While on the higher end, 17100-17200 is likely to act as the sturdy wall, and an authoritative breach beyond the same could only trigger some more respite in the comparable period

Going forward, we would advocate the participants to keep a close tab on the mentioned levels and avoid undue risk in the market. Even though the indices are not doing much, sector churning is visible in the broader market, and hence one should focus on identifying such potential movers. In the meanwhile, stay abreast with global developments.

Nifty Bank Outlook (39568)

Bank Nifty began positively but lacked follow-up buying in the morning session, resulting in prices remaining within a range for most of the day. However, during the last hour, prices gained strong traction and ended at the day's highest point, up 0.35% at 39,568.

Yesterday, the Bank Index managed to defend the low of the Doji pattern formed on Monday, thanks to heavyweight private banks. As a result, once again, Bank Nifty outperformed. The recent price action has resulted the trading range getting coiled, waiting for a burst of momentum. Yesterday, prices ended slightly below the breakout levels of a higher range, and it would be interesting to see how prices react in the coming session. On the monthly expiry, the key resistance level would be 39,700-39,800, beyond which further traction could be seen towards 40,000 and then 40,200. On the downside, the support has shifted higher towards 39,200-39,000 for the expiry session. Traders should monitor these levels and trade accordingly. It is also advisable to avoid aggressive bets ahead of the mid-week holiday.

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