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Sensex (55959) / Nifty (16625)

For the second straight session, we had a gap up opening citing to favourable global cues. Similar to Monday, market witnessed an early dip to fill the gap area. Fortunately it stabilized precisely after filling the gap and thereafter had a steady up move throughout the remaining part to reclaim the 16600 mark on a closing basis. The major charioteer of yesterday’s rally was the high beta banking and financial space which was sulking of late.

The global optimism brought back some ecstasy in our market, especially in the broader market after recent stressful sessions. Yesterday, almost all recent draggers rebounded sharply, leading to a smart rally as we are inching closer to the monthly expiry. If the banking space extends this move then there is high possibility of Nifty hitting new high in coming two sessions. As far as levels are concerned, 16700 would be seen as immediate barrier; whereas the support zone is clearly visible at 16550 – 16500. Traders are advised to keep a close eye on stocks that have corrected recently and are poised for a bounce back from the

ir key supports.

Nifty Daily Chart

Nifty Bank Outlook - (35712)

We started second consecutive session on cheerful note and post some hiccups in the initial hour of trade, we saw smart buying interest to surpass previous day’s high in the subsequent hour. As we progressed, the banking index continued to march higher to almost touch 35800 mark and then finally concluded the session posting strong gains of 1.67%

Lately, the BankNifty has been acting as a laggard but finall some positive development was seen yesterday which has indeed boost the overall sentiments of the market participants. We had been mentioning in our pervious article that banking index needs to gear up to support the benchmark to showcase further strength and considering yesterday’s move the hopes of BankNifty surpassing the sturdy hurdle of 36200-36300 looks achievable. Now, all eyes would be on the above mentioned levels and any sustainable move beyond same shall bring index towards the next psychological mark of 37000. Thus, traders are advised shifting their focus on this space now and should use intraday declines to add fresh longs.

Nifty Bank Daily Chart

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