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Sensex (60158) / Nifty (17722)

The Indian equity markets had a splendid start to the session, wherein the benchmark index witnessed a continuation of up move post an intraday dip. Nifty eventually ended with gains of 0.56% at 17722.

Yet another session was dominated by the bulls as we saw the market heading northwards right from the word go. From the technical aspect, prices have comfortably closed above the descending trend line resistance on the daily chart, which augurs well for the bulls. Now, the next key level to watch out for would be the March month swing high which is around 17800. In our sense, considering the ongoing momentum, prices are likely to break beyond this hurdle in the next few sessions, which would then open doors for 18000 and plus levels in the near term. However, having said that, traders should avoid being complacent and should not rule out the possibility of a breather post the recent steep rally. With the continuous seven days winning streak, the support level continues to shift higher as we now see immediate support around 17600; whereas 200-SMA around 17500 to act as a sacrosanct level.

Nifty Bank Outlook (41366)

The BankNifty had a cheerful start but a rub-off effect of the previous session was seen to drag the index lower during the initial few minutes. The index soon regained the lost ground and gradually inched higher to reclaim 41400 with an ease.

In last two sessions, we witnessed tentativeness precisely from the resistance of the descending trendline around 41100-41300. However, yesterday's strong opening and follow-up buying elevated the overall sentiments. Despite some profit taking at higher levels in the last two sessions, the 89-EMA in the daily time frame has been acting as a support zone and yesterday we have also seen a breakout of the falling trendline resistance mentioned in yesterday's article. Considering the above development, we expect continuation of ongoing move towards 41700-41800 anytime soon, whereas on the downside, 41000 - 40800 should be seen as an immediate demand zone for banking index.

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