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Sensex (57806) / Nifty (17214)

We had a muted start to yesterday’s session in the absence of any major trigger on the global as well as domestic front. In the initial hour, we did move towards 17300 but this attempt eventually failed as we witnessed some profit booking at higher levels. Although, market saw a small dip towards the end, the Nifty managed to defend the 17200 mark on a closing basis.

Now, as we are approaching the monthly expiry and the yearend too, we are not seeing any major action in key indices. Since we have entered a strong resistance zone of 17200 – 17300, there is no sufficient force available to go beyond it. On the flipside, key supports are being tested but are defended too successfully. We expect similar sort of action in the coming session as well and despite being a monthly expiry, the volatility is likely to remain on the lower side. As far as supports are concerned, 17160 – 17100 are to be considered as immediate support and resistance remains at 17300. We advise traders to continue with a stock specific approach as we are seeing good traction in individual pockets.

Nifty Daily Chart

Nifty Bank Outlook - (35045)

NIFTY BANK has seen a lackluster day of trade, as it is being ranged bound from the past two consecutive sessions and finding difficulties to surge above the long-awaited resistance zone of its 200 DEMA. However, the index managed to sustain above the 35000 mark but has lost traction from the market participants.

On the technical chart, the index is placed at the supporting trend-line of the previous swing lows, and any breach below the same could further drag the index towards the 34000 mark. On the oscillator front, MACD is hovering in a negative trajectory suggesting inherent weakness. The trend is expected to persist until a decisive close above the long-term exponential moving average occurs. At the current juncture, 35500-35700 hold the crucial resistance zone, while on the flip side, 34000 is expected to act as an immediate support zone.

Nifty Bank Daily Chart

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