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Sensex (65205) / Nifty (19323)

The first session of GIFT NIFTY (formerly known as SGX NIFTY) had a strong start, which influenced the Nifty benchmark index to open with a gap up for the third consecutive time. Overall, the market sentiment remained positive, with trading activity mostly staying within a certain range. However, prices ended on a high note, registering a comfortable gain of 0.70% and closing above 19300.

The bullish trend continues as the winning streak extends for the fifth straight session. After a period of consolidation, the market has quickly surged by over 650 points since last Monday's low. This upward trend is expected to persist in the near future, as indicated by significant breakouts on higher timeframe charts. Nevertheless, due to the rapid surge in recent sessions, indicators are entering an overbought zone, and with prices deviating significantly from the 5EMA on the daily chart, there is a possibility of occasional dips or sideways consolidation. In such a scenario, it is advisable for traders to take some profits and view any dip as a buying opportunity. The immediate support level has shifted higher towards 19000, while the immediate reciprocal retracement targets come around 19440 – 19500 levels.

Nifty Bank Outlook (45158)

After a strong comeback in the week gone by, the rate sensitive index began the proceedings on an encouraging note around the vicinity of 45000 and follow-up buying emerged right from the word go to clock fresh record high of 45353 in the initial hour of trade. As we progressed, we could sense some profit taking at the higher levels which was then followed by consolidation to eventually settle the day with the gains of nearly a percent tad below 45200 .

Finally, the banking index is out of the congestion zone and has seen a breakout of previous swing highs which propel the overall sentiment in the market. As anticipated, this space has attracted fresh buying post the breakout and we expect outperformance in the individual counters in the near future. As far as levels are concerned, 44700-44800 to be seen providing an immediate cushion now; whereas an extension of upmove can be seen around 45500 followed by 46000. Hence, traders should continue focusing on stock specific action in this space and should use 'Buy on Dip' strategy in case of index.

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