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Sensex (61751) / Nifty (18344)

The global cues were a bit on the sluggish side to start the day. However, we began the session on a flat note by shrugging off these developments. For the most part of the session, index consolidated in a slender range. But unlike previous sessions, the end was certainly not the same. We witnessed a nosedive in last 30 minutes of trade to conclude the session tad below the 18350 mark.

Although the tail end decline was a bit unpleasant for many traders, we must consider this as a weekly expiry adjustment. If it’s a genuine selling, the follow through needs be seen in coming session to break the support zone of 18300 - 18260. However if this doesn’t happen, then this move should only be construed as a running correction. The structure remains very much intact and hence, we will not be surprised to see some buying emerging at lower levels. As far as resistance levels are concerned, 18400-18450-18525 should be seen as cluster for the coming session.

Nifty Bank Outlook (42458)

Bank Nifty started the day on a mild negative note this was followed by a recent trend of sideways consolidation for the intraday. Subsequently, during the penultimate hour, there were some signs of strength that pushed prices beyond the previous day's high however during the last half an hour there was again some weakness to eventually end with a loss of 0.18% tad below 42500 levels.

Despite being a weekly expiry there was no major traction and this has been the case throughout this week. The undertone remains bullish however we are now seeing some signs of fatigue in the bull's camp. In such a scenario, the apt strategy would be considering dips as a buying opportunity and booking profits at higher levels. Along with it, individual counters from the basket as well is likely to give out performing opportunities. In such a scenario, levels to watch as key support is seen around 42250 followed by 42000. On the flip side, 42750 - 43000 remains an immediate resistance.

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