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Sensex (51935) / Nifty (15575)

Yet another session started higher to post a new high beyond 15600. However in the absence of few heavyweights’ contribution, market could not extend the lead; in fact, we saw some minor profit taking in the first half. This was followed by a complete lull for the remaining part of the session. Eventually Nifty ended the session slightly below 15600 with negligible losses.

Barring the initial movement in the first half, the index remained in a slender range of merely 70 points, which is a clear indication of no real movement in index. Since we are trading in an uncharted territory some sort of in between breather is quite evident. We may even see a couple of profit booking sessions as well and even if that happens it should be treated as a general phenomenon because market cannot keep rising every day. The undertone remains bullish and till the time we do not see some reversal signs, one should use every decline as a buying opportunity. For the coming session, 15430 – 15400 are to be seen as key supports; whereas on the higher side, every 100 points (round figure) move from hereon should be considered an intraday level in the northward direction. Before this yesterday’s high of 15660 to be considered as immediate resistance.

Unlike previous sessions, the stock specific action yesterday was also not encouraging at all. The stock picking was a bit tedious task and hence going forward one needs to be very choosy while doing this exercise. We reiterate on avoiding aggressive bets and one should strictly follow a proper risk management.

Nifty Daily Chart

Nifty Bank Outlook - (35337)

We had a positive start for the day; however, the banking index failed to sustain at higher levels and hence we witnessed some pull back move to hit intraday low of 35241.20. In the latter half, index consolidated in a narrow range to eventually conclude the dull session around half a percent lower to its previous close.

It we take a glance on the hourly chart, the BankNifty has been recently taking support around 20 EMA and yesterday as well this moving average was respected. There isn’t any dent in the overall chart structure and hence, we expect extension of the recent upmove first towards 36400-36500 and then around the life time highs. At current juncture, 34500-35000 is a strong support zone and until we manage to sustain above same traders are advised avoiding any bearish bets.

Nifty Bank Daily Chart

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