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Sensex (62725) / Nifty (18601)

The Indian equity market has started the week on a mild note, defying the developments in the global bourses over the weekend. The benchmark index refrained from any decisive move and stayed in a slender range of 75 odd points throughout the session. Amidst the lackluster start of the week, the Nifty50 witnessed a muted closure with a mere gain of 0.21 percent and settled a tad above 18600 level.

The indecisiveness is quite evident as the index made a small ‘Doji’ candlestick on the daily chart. Technically, there have been no significant changes as the market had a subdued closing. As far as levels are concerned, a decisive closure above the 18700-18750 zone would only affirm the strength in the benchmark. Whereas on the downside, 18500-18450 is likely to act as a sacrosanct support zone and till it is sustained, we do not see a sign of caution in the near period.

Nifty Bank Outlook (43944)

Bank Nifty commenced the week with a lackluster start, and despite some initial activity, it remained largely range-bound within a 200-point range for the majority of the session. The day concluded with prices barely deviating from Friday's close, which was just below 44000.

In recent sessions, the high beta index has displayed sluggishness, consolidating around the 20-day exponential moving average (20EMA) on the daily chart. This particular average has been a significant reference point recently. Looking ahead, the overall sentiment remains positive as long as the 43800-43700 zone is defended. However, a breach of this range may shift the correction from being time-based to price-based. On the upside, the levels of 44150-44200 are acting as recent resistance. It appears that the market is awaiting a catalyst for a momentum-driven move, and until then, traders should monitor the mentioned levels and trade accordingly.

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