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Sensex (60571) / Nifty (18070)

The global set up was positive yesterday morning and as a result, the Nifty started the session with a decent gap above the psychological mark of 18000. However, the follow up buying was clearly missing like the previous session in most of the heavyweight index movers. In fact, the range shrunk to merely 30 points during the latter half. Eventually, the Nifty concluded the session convincingly above 18000, first time in last seven months.

Nifty surpassing 18000 this time wasn’t a surprise, because the way our market behaved in last week or so, things were pretty evident. Additionally, the global markets have been supportive since last 4 – 5 days, which provided the much needed push. Now, heavyweight constituents seem to have slipped into a consolidation mode and hence, we are not seeing the follow the momentum in key indices. However, market is not at all short of any action if we take a glance at the broader market. We reiterate that one can continue to remain bullish and focus more on stock specific movements, which are likely to provide better trading opportunities.

Nifty Bank Outlook (40873)

Once again, the Bank Index started on a positive note however there was no major traction after opening gains. Eventually, after trading in a slender range the bank index ended with gains of 0.74% at 40873.

The bulls continue with their bull run as for the fourth consecutive session markets ended higher however if we consider the index-specific action then there's no major action for the intraday traders. The major action continues outside the Index as individual stocks continue to give mesmerizing moves. Traders are hence advised to focus on such outperforming opportunities. We expect the bank index to move towards alltime high levels and hence one should avoid contra bets and rather any dip should be considered as a buying opportunity. As mentioned above, we are likely to see a gap down opening in such scenario, immediate support is seen at 40250 - 40000 whereas resistance is at 40600 - 40800 levels.

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