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Sensex (50652) / Nifty (15198)

The SGX Nifty hinted at a negative start for our market but we shrugged off the global cues and managed to start the week marginally positive above 15200. We saw some buying interest during the first hour dip around 15150 and the Nifty gradually rallied by about 100 points from the low. However, we saw some profit booking in the last hour and the index ended the lackluster session tad below 15200.

Inspite of the soft global cues, our market managed to hold well and carried the bullish momentum that we had seen during the end of last last week. Although the indices did not post significant gains on the board, the stock specific momentum continued with a positive bias. There are no reversal signs and thus, the breakout seen in the indices during last week remains valid and hence the undertone remains positive. Traders are advised to look for buying opportunities in intraday dips and trade with a positive bias. One should continue to focus more on a stock specific approach but be fussy in stock selection. The immediate supports for the Nifty are placed around 15130 and 15075 whereas resistance is seen around 15340.

Nifty Daily Chart

Nifty Bank Outlook - (34944)

Despite SGX was indicating a sluggish start, our market surprisingly opened higher and banking index too participated in it. Post the gap up opening, the banking index went into a consolidation mode. At the stroke of the penultimate hour, the buying resumed to extend gains by a fair margin. However the tail end correction nullified this positivity to eventually conclude the day with marginal gains.

The kind of session we had on Friday, mostly the market participants expected a healthy rally yesterday. But with last hour sharp correction, it poured water on expectations. However the undertone still remains strongly bullish. For the coming session, 34500-34300 are to be seen immediate supports whereas on the flipside, 35200-35500 are the levels to watch out for.

Nifty Bank Daily Chart

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