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Sensex (61761) / Nifty (18266)

The Indian equity market started the session on a mild note taking cues from mixed global bourses. The benchmark index refrained from continuing its northward journey and took a blip in the second half of the session, which pared down the initial gains and had a muted closing. Amidst the hustle, the Nifty50 index concluded the day on a subdued note at 18266 with a mere gain of 0.01 percent.

Technically, there have been no significant changes from the last trading session, as we allude to the previous commentary of Nifty’s placement at the sturdy hurdle of 18250-18300, which needs to be surpassed for the continuation of the uptrend. As far as levels are concerned, a decisive closure beyond the mentioned range could only trigger fresh longs in the system. Whereas on the downside, 18200-18150 is likely to provide a cushion from any intraday blip

Nifty Bank Outlook (43198)

Bank Nifty started on a positive note, however, there was a lack of follow-up buying at the higher levels. As the day progressed, prices crept lower to not only erase morning gains but eventually end with a loss of 0.20% tad below 43200

Technically not much has changed, however, as prices reached the high range of Friday's selling point, there was tentativeness seen at these levels. It seems the prices have entered a consolidation phase with a stiff hurdle seen in the zone of 43600 - 43800 levels. On the flip side, 42800 - 42500 is acting as a strong base. Traders should ideally play in this zone, with buying should be done closer to the mentioned support range whereas profit booking should be considered at the resistance level. One can even focus on stockspecific action within this basket as individual counters can give better trading opportunities in a consolidation phase.

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