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Sensex (64997) / Nifty (19306)

During the last week, our markets started the proceedings on Monday with some signs of recovery. It did manage to move higher, but the intent was clearly lacking as we inched closer to the 19450 mark. Some nervousness in heavyweights dragged the index lower to conclude the August series at a 2-month low. Fortunately, the September month kicked off the new series with some ray of hope. A tentative start on Friday provided an excellent buying opportunity in most of the heavyweights which were lying around their crucial multi-month supports. As a result, the Nifty managed to conclude the session connivingly above 19400 by adding nearly a percent to the bull’s kitty.

The Nifty finally managed to snap its 5-week losing streak, courtesy to broad-based buying on Friday. The recent weakest link, the BFSI space, had a stellar move to uplift the overall sentiments in the market. Now, the sacrosanct support zone of 19300 – 19250 has certainly proved its significance and we have closed out weekly trade on a promising note. It’s important for this move to be extended in the next couple of sessions. If this doesn’t happen then we may certainly be gearing up ourselves for some challenging times.

Nifty Bank Outlook (44436)

The week witnessed moves with a mixed bias but ultimately favored the bulls in the end. It started positively on Monday but price struggles at higher levels as the week progressed. A sharp sell-off occurred on Wednesday, extending into the following sessions, causing prices to dip to 43800 during the initial hours of Friday. However, a strong buying surge emerged from this point, leading to a 0.46% gain for the week, with prices closing at 44436.

While the week-to-week change may not seem substantial, the strong momentum observed on Friday, along with broad-based buying, indicates a favorable position for the bulls as they take the lead at the beginning of a new month. As previously emphasized, the 89EMA has proven its significance, with any dip toward the 43800 – 43600 range consistently attracting buyers. Going ahead, it appears that the bulls have regained their momentum. Nevertheless, it is advisable to await confirmation, particularly by closely monitoring levels around 44800 – 45000

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