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Sensex (58767) / Nifty (17543)

The weakness in the global bourses led to a weak start of our equity market, wherein the benchmark index initiated the day with a gap down. However, our market retaliated soon after the opening bell and gradually gauged momentum to march upwards. Though a tentativeness at the higher level was sensed among participants, that triggered a sell-off in the second half. And with the whipsaw movements in the market, the benchmark index Nifty50 concluded the day in red with a cut of 1.22 percent, a tad above the 17500 zone.

On the technical perspective, the crucial support of the 17500 was firmly safeguarded, implying the resilience of the technical support. Though some tentativeness was seen in our domestic market during the weekly expiry session, but any sign of respite from the global bourses could trigger strong momentum from hereon. In terms of technical levels, any breach below the mentioned support could drag the market towards the 17350 zone, which is likely to be seen as the sheet anchor. At the same time, on the higher end, the 17700-17750 could be seen as immediate resistance, followed by the 17850-17900 zone.

Nifty Bank Outlook (39301)

After a mid-week break, the BANKNIFTY started with a massive gap down in tandem with benchmark. However, we saw almost complete recovery in the initial hour, catching most of the complacent bears in the wrong foot. Since it was an expiry session, market was not done with it’s swings as we witnessed yet another bout of selling to eventually conclude the session with more than half a percent cut.

We saw complete roller coaster move in key indices and in the midst of all this, the BANKNIFTY appeared slightly stronger. Going ahead, we continue to see a decent demand zone around 39000-38800; whereas on the flipside, a cluster of resistances are visible at 39600-39800- 40000. Traders are advised to take a directional call only outside this range; until then exiting as close as resistance levels and vice versa should the apt strategy

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