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Sensex (53751) / Nifty (15990)

The Indian equity space had showcased a muted opening despite the weakness in the Asian bourses and endured volatility in the initial trading hour. Soon after, the benchmark index gained some stability and gradually marched upwards toward the 16000 sub-zone. The across-board buying has uplifted the overall sentiments, resulting in a positive closure to our market. The Nifty50 concluded the day a tad below the psychological mark of 16000 with gains of over 1.12 percent.

The technical structure construed encouragement for the bulls on the D-Street as Nifty showed an authoritative closure in the unfilled gap after three weeks of struggle. With yesterday’s robust close, 15700 has once again become a sacrosanct support. Before this 15900 followed by 15800 are likely to provide cushion on the weekly expiry day. In case of any dip towards the mentioned supports, one can certainly look to add bullish bets. We are now knocking on the doors of 16000 and if global market supports, we are finally likely to traverse through this sturdy wall. This will certainly bolster the overall sentiments and in the process, 16125 – 16200 levels can be tested in the forthcoming session itself. This development will open up the new gamut for the bulls, which augurs well considering recent cheerless action. Since we are not completely out of the woods yet, the global development remains a caveat for the above mentioned view.

There have been contributions across the board, wherein the significant benefactors that boosted the bullish sentiments were from the FMCG and Auto space. Looking at the recent development, the undertone is likely to remain upbeat, and traders are advised to identify apt themes in order to find better trading opportunities.

Nifty Daily Chart

Nifty Bank Outlook - (34324)

Markets had a positive start after witnessing a complete disappointing close on Tuesday. The banking index took a leap in the initial hours similar to previous session, but this time it was there stay as we witnessed a strong closing at day’s high around 34300, leaving lots of promise for the weekly expiry day.

With this move, 34000 has now become a sacrosanct support and the moment we surpass 34450-34550, we would see banking index leading from the front to test 34800-35000. This will certainly lift the overall sentiments in the market and eventually will aid Nifty moving higher. We continue to remain sanguine on this space and would advise traders to use any decline towards 34200-34100 as a buying opportunity.

Nifty Bank Daily Chart

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