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Sensex (57788) / Nifty (17221)

One day prior to the weekly expiry, we had a muted start. The bears dominated in the initial couple of hours of trade as we sneaked slightly below 17200. This was followed by a decent recovery to recoup major portion of the losses but final hour selling poured complete water on all the efforts to finally conclude the action packed day with a cut of more than half a percent.

Market seems a bit nervous as we are continuously seeing selling pressure at higher levels. But they are also not falling like a bottomless pit, which is creating ambiguity among the traders. Such sessions are difficult to trade because the moment you tend to gain some confidence of the direction, it immediately reverses. In our sense, next couple of sessions would be crucial and although our directional view remains cautious, we would be closely tracking how things pan out. Meanwhile, 17200 - 17100 are to be seen as key supports and 17300 - 17350 should be treated as important hurdles.

Nifty Daily Chart

Nifty Bank Outlook - (36790)

Bank Nifty started on a mild negative note however it remained in a range throughout the session and ended with a marginal loss of 0.28% at 36790.

In the last two sessions, we have seen some respite in the bank index, and in fact, we have seen stock-specific moves where some private banks have outperformed broader markets whereas some stocks have been the draggers. We reiterate that key indices are lacking clear traction and one may continue to focus on a stock-specific approach providing opportunities on both sides of the trend. However, aggressive long should be avoided as we do see overhead resistance around 37200 - 37300 zone. On the flip side, immediate support is placed around the 36500 - 36300 zone

Nifty Bank Daily Chart

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