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Sensex (61112) / Nifty (18065)

During the last week, we started the proceedings on an exciting note; and as the week progressed, the sentiments kept on improving and in the process, the Nifty managed to surpass the recent swing high of 17863 on the expiry day. With Friday’s tail end surge, the Nifty finally knocked the door at the psychological mark of 18000. In fact, it managed to reclaim this key level with some authority. We concluded the April month with whopping 4% gains and on week-on-week basis, the bulls added more than a couple of percent to their kitty.

On the domestic front, we had lot of tailwinds, but global markets remained a bit spoilsport until last week. Things seem to be improving there as well, which certainly bodes well for the bulls. As far as Nifty is concerned, it has certainly cemented its position at ‘200-SMA’ placed around 17600 - 17550. Before this, 17900 - 17700 should now be treated as immediate supports. On the flipside, we expect the Nifty to continue this northward trajectory to enter the next important cluster of 18200 – 18500 very soon.

Nifty Bank Outlook (43234)

Throughout the week, the banking sector continued to experience a strong upward trend. The high beta index began the week with a gap-up opening and maintained its optimism throughout the week, ultimately prices closed with gains of 2.65% against the previous week's close.

The bank index demonstrated relative strength towards the fag end of March month and has had an impressive April month, outperforming by gaining more than 6%. As a result, the Bank Nifty has achieved its highest monthly close ever and now aims to surpass its all-time high levels placed above 44000. Hence, Traders should maintain a positive outlook but consider buying on dips. It would also be prudent to focus on a stock-specific approach, as individual counters offer better trading opportunities. Immediate resistance can be seen at 43800, followed by the key hurdle of 44000-44150 levels, while the immediate support zone shifts higher towards the 43000-42700 zone.

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