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Sensex (62505) / Nifty (18563)

The week started on a nervous note owing to cautious approach in the global peers. With COVID related concerns in China, our markets too opened slightly in the negative territory. After a brief pause, the buying resumed as we stepped into the second half. However, due to some modest profit booking towards the end, Nifty ended the session with over two tenths of a percent gains.

The Nifty finally clocked its new all-time high after crossing the 18600 mark. However, the ecstasy was slightly missing at record highs. This resulted in traders taking some money off the table and hence, Nifty erased some portion of its gains to close comfortably below it. Yesterday also our markets displayed the inherent strength they possess; because global things were a bit tricky, our markets managed to shrug off the negativity to continue the northward journey. Going ahead, if there is no major aberration globally, we are likely to see series of new highs in coming days. Hence traders are advised to continue with an optimistic approach and keep buying in declines. As far as levels are concerned, 18500- 18400 is to be seen as key supports: whereas on the flipside, 18620- 18750 are the levels to watch out for.

Nifty Bank Outlook (43020)

Bank Nifty started the week with a gap-down opening however bulls took this as an opportunity as prices bounced back to regain the lost ground. Subsequently, trading with a positive bias for the major part there was some profit booking at fag end to eventually end flat tad above 43000 levels.

Technically, not much has changed and it seemed to be a breather day for the bulls after the recent strong run. One of the key takes was the intraday dip getting bought and going ahead as well the ideal strategy would be using intraday dips as a buying opportunity. On the flip side, we expect this bull run to continue however with the indicators in the overbought zone; traders can prefer to book profit at higher levels. In such a scenario, immediate support is seen at 42740 - 42600 levels whereas resistance is seen at 43350 - 43500 levels.

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