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Sensex (60858) / Nifty (18108)

The Indian equity market has started the expiry session on a mild note, wherein the benchmark index Nifty50 has a subdued move with no significant traction. The Nifty index stayed in a slender range for the entire day, indicating timidity and refrained from having clarity in the trend. Amidst the lackluster trading session, the index managed to conclude a tad above 18100 with a mere cut of 0.32 percent.

Technically, there have been no significant changes from the last trading session, and as we allude to the previous commentary of Nifty’s placement at the major hurdle of the sloping trendline, which needs to be surpassed for the continuation of the uptrend. As far as levels are concerned, a decisive move beyond 18200-18250 could only trigger fresh longs in the system. Whereas on the downside, 18050-18000 is likely to provide a cushion from any intraday blip.

Nifty Bank Outlook (42329)

We had a sluggish start for the day due to some nervousness across the globe. However, the reaction wasn't that severe as it was there in US markets overnight. During the remaining part of the session, BANKNIFTY vacillated in a slender range and eventually concluded the penultimate weekly expiry with nominal losses.

If we look at yesterday’s high and low, banking index had a range of nearly 280 points for the day. However, practically, the action was more lethargic as we witnessed BANKNIFTY spending its time within merely 80 – 100 points for the most part of the session. When such high beta moves in a such a thin range, it’s definitely a pain for traders and this has been continuing since last few days now. Hopefully, markets come out of this long slumber phase soon. As far as levels are concerned, 42500 – 42600 – 42750 remains to be a sturdy wall and trended move is possible only outside this resistance zone. On the flipside, 42200 – 42000 continues to provide cushion to all intraday declines.

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