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Sensex (48691) / Nifty (14696)

On Wednesday, our markets corrected in the first couple of hours on the back of weak global cues and tested the 14700 support. We witnessed some intraday pullback from there, but again indices corrected sharply as we approached the close and Nifty ended the day tad below 14700 with a loss of over a percent.

Some of the Asian markets such as Nikkei, Taiwan and KOSPI witnessed a sharp correction which raised concerns on the weekly expiry day and hence, our markets too witnessed some nervousness ahead of the mid week holiday. Nifty consolidated within the range of 14700 and 14800 for most part of the day and ended with some profit booking towards the end at the lower end of the range. With sector rotations seen, this does not look to be any severe price wise correction as of now, but we interpret this as a continuation of a time-wise correction and markets have just corrected from the higher end of range in the last couple of sessions. Hence, we expect such time correction to continue and thus traders should continue to focus on stock/sector specific moves from a trading perspective. As far as levels are concerned, the immediate supports for Nifty are placed around 14650 and 14585 whereas resistance is seen around 14780-14800.

Nifty Daily Chart

Nifty Bank Outlook - (32452)

Since last couple of days, the global markets have become a bit shaky and it’s weighing down to some extent on our markets as well. The banking index opened lower on Wednesday and then had shown some signs of recovery around the mid session. However from nowhere the selling augmented in the last hour to drag the index at the lowest point of the day by shedding more than a percent to the previous close. Overall, key indices are still directionless as they are trapped in a broad range. Within this, the way some of the heavyweight stocks corrected, it does not bode well for the bulls. The coming session would be quite crucial because it will give us the weekly close and importantly, the picture will get slightly clear. Hence, it would be interesting to see how the overall activity pans out. As far as levels are concerned, 32700 - 33000 are to be seen as immediate hurdles; whereas on the lower side, crucial supports are placed around 32200 - 32000.

Nifty Bank Daily Chart

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