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Sensex (49565) / Nifty (14906)

Yesterday morning, our markets opened marginally in the green as indicated by the SGX Nifty. The index then went into a consolidation mode throughout the first half. However, all of a sudden the selling augmented across the board once we stepped into a penultimate hour. The decline extended towards the fag end to register yet another weak session by shedding more than eight tenths of a percent. In the process, bulls failed to defend 15000 and went on to conclude the weekly expiry tad above the 14900 mark.

The global nervousness is clearly weighing down to some extent on our market and it’s not letting us sustain at higher levels. Nearly after two months, we managed to conquer the psychological level of 15000 and it appeared as if we are good to go towards the record highs. But due to yesterday’s tail end decline, we are back to 14900, which does not bode well for the bulls. This was the main reason we were not completely gung-ho of the up move; in fact advised to keep a close track of the global development. Yesterday the way we have closed, coming session may turn out to be the decider one for the short term direction. Let’s see how things pan out and how we react in the forthcoming session. If bulls have to regain strength, we need to reclaim 15000 – 15100 once again with some authority. If we fail to do so then it’s better to get prepared for the dip towards 14800 – 14700.

Also, the way we are seeing some profit booking in individual stocks since last couple of days, the easy money seems to have disappeared in stock specific approach as well. Traders are advised not to carry aggressive positions overnight and should become very selective while picking up a trade.

Nifty Daily Chart

Nifty Bank Outlook - (33335)

Yesterday, Bank Nifty started on a flat note and traded in a range for a major part. Subsequently, in the second half, it crept lower to eventually end with a loss of a percent at 33335.

After two strong days to start the week, the bank nifty has slipped back towards the breakout levels. This level coincides with descending trendline support along with 50SMA. The concluding session of the week will be quite crucial as we are placed at the make or break levels. For the coming sessions, if bank nifty continues to slip beyond 33200 - 33000 that won't bode well for the bulls whereas a closing back above 33800 - 34000 can open doors for further upside in the coming week. Traders are advised to keep a tab on the mentioned levels and trade accordingly.

Nifty Bank Daily Chart

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