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Sensex (59720) / Nifty (17816)

The favorable global markets have embarked optimism to our equities as we witnessed a decent gap up opening, followed by across-board buying interest. The benchmark index gradually inched upwards until a correction triggered in the fag end and pared down some of the initial gains of the market. At last, post the actionpacked session, the Nifty concluded the day a tad above the 17800 level with a gain of 1.10 percent.

On the technical aspect, a consecutive day of gain certainly showcased inherent strength, but the tentativeness at the higher levels portrays the nervousness ahead of the Fed meeting. At the current juncture, the 17950-18000 zone is likely to be seen as the sturdy hurdle for the index. While on the downside, the immediate support is placed around the 17660-17740 odd zone, followed by the sacrosanct support of the 17500 mark.

Nifty Bank Outlook (41468)

Bank Nifty as well started with a gap-up opening and as the day progressed the momentum accelerated beyond the 41600 levels. As the prices approached the all-time high levels there was some tentativeness which erased some gains to eventually end with gains of 1.38% at 41468.

The bulls are back in momentum as the bank index ended at the highest close ever. Going ahead, the strategy remains of buying on dips and focusing on stock-specific action. However, in such a scenario, one should avoid being complacent as we are still not completely out of woods and the Shooting Star bearish pattern seen on the weekly chart last week is still active and will get neglected only once the bank index closes above the 41850 levels. Also, one should not forget that we are lined up for the key global event and hence one should avoid aggressive overnight bets and need to be very selective. As far as levels are concerned, immediate support is seen at 41100 - 40900 whereas resistance is seen at 41840 - 42000 levels.

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