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Sensex (61940) / Nifty (18315)

The benchmark index started with a decent gap up at the opening bell but failed to capitalize on the initial gains. And soon after, a selloff got triggered that dragged the index below Tuesday’s low, signifying a sense of tentativeness at the higher levels. However, the bulls firmly came for the safeguard and gradually levitated the market to pare down the lost grounds. With the intense day of trade, Nifty concluded the session near the day’s high amid the trailend buying emergence and settled a tad above 18300, procuring a mere gain of 0.27 percent.

Technically speaking, the market seemed to be a bit timid as a strong follow up buying is missing at the current juncture. However, the chart structure remains robust as the index is firmly withheld to the upper band of the consolidation zone. As far as levels are concerned, the 18250-18200 zone is expected to cushion any shortterm blip, while the sacrosanct support lies around the 18100- 18000 mark. On the flip side, the 18500 is very much in the vicinity and is highly anticipated to be tested soon.

Nifty Bank Outlook (43331)

Bank Nifty started on a flat note, however, along with the broader markets it slipped lower during the morning session to almost test Monday’s low. The mighty bulls took this as an opportunity as during the second half there was a smart recovery to not only regain morning loss ground but to end in gains with 0.31% at 43331

As highlighted in our previous outlook, the bank index is in a consolidation phase and the ideal strategy would be to buy on dips and book profit at higher levels. This is exactly how prices played out in yesterday’s session. Going ahead, on the weekly expiry, traders should deploy the same trading strategy. The key levels to watch out for would remain the same, with 42800 – 42500 to act as a strong base on the flip side, 43600 – 43800 to act as an immediate hurdle. We reiterate that the focus should be outside the index as individual stocks are likely to give better trading opportunities in this consolidation phase.

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