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Sensex (61905) / Nifty (18297)

The ease in US inflation data led to some relief in the global markets, tracking which SGX Nifty indicated a positive opening for our markets. Simulating to which the benchmark index Nifty50 started with a decent gap but once again failed to capitalize on the initial gains and showcased a lackluster trading session. Amidst the weekly expiry, by the fag end, some whipsaw moves were seen that led the index to plunge a bit from the highs. And eventually, Nifty concluded the day on a flat note with a mere cut of 0.10 percent and settled a tad below the 18300 level.

Technically, there have been no significant changes in the chart structure as Nifty kept hustling at the higher band throughout the weekly expiry session. However, some timidity could certainly be sensed among the bulls at the higher zone, awaiting some positive trigger to continue the upward march. As far as levels are concerned, the 18200 zone is likely to cushion any blip in the coming period, while the sacrosanct support lies around the 18100-18000 mark. On the contrary, 18300-18500 is considered a daunting task for the bulls in the comparable period.

Nifty Bank Outlook (43475)

Bank Nifty began the weekly expiry on a positive note, with an initial increase, prices surpassed the last Friday's high and reached above 43700 levels. However, this upward trend did not last long, as prices fell from higher levels and remained within a range for the rest of the session. Despite the bullish undertone, prices closed slightly below the opening levels, ending with gains of 0.33% a tad below 43500. On the daily chart, prices are consolidating, a trend that has been observed in the past few sessions. Yesterday, prices started on a strong note, however, there was some tentativeness at higher levels which is clearly reflected by the neutral 'DOJI' candlestick pattern formation. Going ahead, the outlook remains positive, but prices need to close above 43800 with some authority that can then trigger momentum pushing prices toward all-time high levels. Until then, the recommended strategy is to continue buying on dips, with immediate support at 43100 and 42800 levels. Although the high beta index remained within a range, there were many individual counters in the basket that gave mesmerizing moves, indicating that investors should focus on stock-specific opportunities during this consolidation phase.

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