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Sensex (49509) / Nifty (14691)

Post Tuesday’s sharp upmove, we had a gap down opening yesterday around the 14800 mark. The index corrected in the first hour of the trade and then consolidated for the rest of the session to end the financial year tad below 14700. On Tuesday, our markets showed a momentum backed by buying interest in some of the index heavyweights.

However, there was no follow up buying yesterday and as mentioned in our yesterday’s outlook, the bulls need to surpass the resistances of 14870 and 15050 for building a greater confidence on this leg of upmove. Now, if we look at charts, the supports for the index are placed around 14600 and 14300 (rising trendline support) while resistances are around the above mentioned levels. We are now trading at the mid of this broad range and a move beyond the above mentioned levels would only lead to a directional move.

Until we surpass these levels on either side, it is prudent to trade with a stock specific approach and avoid taking undue risks as we even have a long weekend ahead. Overall, it was a remarkable financial year 2020-21 and we wish for a profitable new financial year for all traders and investors.

Nifty Daily Chart

Nifty Bank Outlook - (33304)

Tuesday’s strong session was followed by a surprising gap down yesterday as indicated by the SGX Nifty early in the morning. In the initial couple of hours, BANKNIFTY pared down all tuesday’s gains to slide below the 33400 mark.

For the remaining part of the session, the index slipped into a consolidation mode to conclude the Financial Year with a cut less than two percent. With yesterday’s initial hiccup, it poured complete water on bulls’ effort to push banking index towards 34000 in the previous session.

Now let’s see how we kick off the new financial year as there are no major signs left at the end of yesterday’s session. As far as levels are concerned, 33200 – 33000 are to be seen as immediate supports now; whereas on the flipside, 33500 – 33700 have now become intraday hurdles. Ideally, there is not much interest visible in key indices as mostly traders are focusing on individual stocks that are bucking the trend.

Nifty Bank Daily Chart

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