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Sensex (67097) / Nifty (19833)

The US markets showed positive movement overnight, setting a good start for our markets. Although there was some morning sluggishness post-opening, the bulls regained control in the second half, resulting in Nifty ending at its highest point with a decent gain of 0.44%, comfortably above 19800. The winning streak continued for the fifth consecutive session, driven by strong buying in key heavyweights and improved global cues.

Nifty is now at a knocking distance of magical figure 20000, and if this condition persists then we may see it tested very soon. Traders should avoid complacency given the overbought conditions and rapid upward movement without pauses. It is recommended to secure some profits around this psychological level. On the downside, 18700 – 18650 is considered immediate support for the weekly expiry, and a dip toward it continues to be a buying opportunity. The Nifty PSU BANK index was one of the top performers, and this space is known for its recent trending up moves. Traders can hence focus on such themes for outperforming opportunities

Nifty Bank Outlook (45669)

The rate-sensitive index started the day on a positive note but later underwent into consolidation zone within the range of 45400- 45700. Ultimately, the Bank Nifty index concluded the session with modest gains of over half a percent and settled slightly below the 45700 level.

From a technical standpoint, there have been no significant price developments in the Bank Nifty index, and even the trading range has narrowed compared to Tuesday's session. Currently, the immediate support zone lies between 45000-45200. As long as we can sustain above this range on a closing basis, the bias remains positive, and it is advisable to consider adding long positions during intraday dips. Whereas on the upside, the vicinity of 46000 should now act as a study hurdle.

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