The mixed global market led to a mild start in Indian equities, wherein the benchmark index started the session on a flat note - Angel One
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Sensex (61419) / Nifty (18244)
The mixed global market led to a mild start in Indian equities, wherein the benchmark index started the session on a flat note. Soon after, the bulls grabbed the opportunity and made a modest recovery in the index, post which slender range-bound moves were seen for the majority part of the day. Amidst the lackluster session, the bulls showed their comeback in the last half hour and snapped the losing momentum of the past three days. The Nifty concluded near the day’s high, procuring nearly half a percent, and settled a tad below the 18250 level.
Technically, there has been no substantial change in the market outlook as the bulls firmly withheld their support zone and showed their presence by the fag end. The undertone is expected to remain upbeat till Nifty sustains above its sacrosanct demand zone of 18100-18000. Looking at the technical setup, until the index surpasses its swing high of 18450 in a decisive manner, a rangebound movement could be continued in the comparable period. Simultaneously, some tentativeness could be sensed ahead of the November month expiry, and participants are keeping a cautious approach in the market.
Nifty Bank Outlook (42457)
Bank Nifty started with a gap-up opening however there was a lack of follow-up buying and the prices quickly gave away their gains. The remaining part of the session continued with prices consolidating within a range with eventually a spurt of buying was seen again during the fag end. The bank index ended with gains of 0.26% at 42457.
The boredom continues as the prices continue to trade within a very small range and we are witnessing very small candles on the daily chart. As of now, there are no signs of momentum picking up and 42200 - 42650 remains a key level to watch out for. It seems, the market is waiting for some trigger and let's see if the monthly expiry and rollover factor brings outs the momentum back. Till then traders should continue to focus on the stock-centric approach that continues to provide outperforming moves.
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