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Sensex (61168) / Nifty (18197)

The SGX Nifty was indicating a soft opening for new calendar year. However, our markets completely shrugged off these cues as they started the session marginally in the green. We did see some ambiguity in the first half; but with few heavyweights attracting strong buying around the midsession, Nifty picked up decent momentum in the upward direction. Eventually, we ended the inaugural session around day’s high by adding half a percent to Friday’s close.

Although, the overall trading range for Nifty was small yesterday, the undertone remained strongly bullish, especially in Metal, NBFC and few auto counters. The broader market too performed well, kept market participants engrossed all the time. Now as far as levels are concerned, 18100 - 18000 seems to have become a strong demand zone. Till the time, we continue to trade above this key support zone, there is no reason to worry for. On the flipside, the barrier is clearly visible around 18250 - 18300, which we believe is likely to get surpassed soon. Traders are advised to stay upbeat and keep following stock centric moves.

Nifty Bank Outlook (43203)

Bank Nifty started on a flat note however within the first hour itself a strong positive traction was witnessed. There was no follow-up buying though and after a gradual decline for the major part, there was once again a small round of buying during fag end. Bank Nifty eventually ended with half-a percent gains tad above 43200.

After a small pause on Friday, it seems bulls are back in momentum however since the last three sessions we are witnessing a hurdle around the 43400 - 43500 levels. Going ahead, once the said levels are taken out, we may see strong traction in Bank Nifty toward the all-time high levels and we expect this to happen very soon. On the flip side, any intraday dip should be considered a buying opportunity as we recently witnessed a positive crossover in RSI smoothened indicator. The levels to watch as support would be around 43000 and 42850 levels. Traders should remain upbeat and concentrate on going long opportunities.

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