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Sensex (57147) / Nifty (16984)

We started the session on a flat note and since global markets were trading on a weak note, we slipped inside the negative territory within few minutes of trade. Thereafter, key indices consolidated in a range with lot of stock specific action visible on both sides. However, as we stepped into final hour of the session, the selling augmented to even sneak below the 17000 mark. Eventually, Nifty concluded the session with one and half a percent cut.

Globally, whenever we try to sense some recovery, some or the other factor pops up and becomes the spoilsport. This uncertainty is restricting our market in spite of having lot of tailwinds on the domestic front. Now, we have entered a crucial support zone of 17000 - 16800. If market has to take a U-turn, there wouldn’t be a better place than this. Hopefully, relentless selling US markets take a pause and any recovery there, could provide the much needed trigger to rebound from this zone. On the Flipside, 17100 - 17250 - 17400 remains to be a cluster of hurdles for our market. Next couple of sessions would be crucial for markets to decide on its next path of action.

Nifty Bank Outlook (38712)

The bank index started on a flat note and for a major part of the session traded within a range. During the final hour, however, there was a sharp selloff that resulted in a cut of around a percent to end a tad above 38700.

The key indices remained in consolidation mode and yesterday's last round was dominated by the bears. Yesterday, we mentioned a bullish crossover in the momentum oscillator i.e. RSIS, and the said signal is still active. Hence, despite yesterday's disappointment we are still hopeful and expect buying to emerge at lower levels. Global cues have been the culprit for the recent weakness, and we would closely monitor them as any positive development there could trigger a smart move in our markets. As far as levels are concerned, the next support is placed at 38400 followed by 38000 on the flip side resistance is at 39000 and 39180.

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