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Sensex (52373) / Nifty (15693)

The proceedings for the week started on a pleasant note owing to slightly cheerful mood across the globe. The index then slipped into a consolidation mode in the following hours. Benchmark index was quiet and the broader market was doing well; but all of a sudden post the mid session, market certainly took a nosedive and before anyone could realise, Nifty not only erased all gains but also entered a negative territory in a flash. Fortunately 15650 once again acted as a sheet anchor to restrict the sudden hiccup.

The mystery continues in our market as we are continuously seeing market turning nervous at higher levels. Since there is no major reason known for this sort of nervousness, we must construe this as a part of mild profit booking from the traders. Also the way buying tends to emerge at lower levels, it certainly bodes well for the bulls. For the coming session, 15650 - 15600 are to be seen as strong support levels: whereas on the higher side, 15750 - 15800 are the levels to watch out for.

We reiterate that if Nifty has to regain any kind of strength, it needs to surpass the 15800 mark with some authority. Till then this consolidation continues and one should continue to focus on individual themes.

Nifty Daily Chart

Nifty Bank Outlook - (35199)

Post Friday’s consolidation, we started-off the week on a cheerful note almost towards 35300 and once again observed range bound move for the first half of the session. In the midst, all of a sudden profit booking drag the banking index near the important psychological mark of 35000. Due to some respite in the fag end the BankNifty could manage to conclude the day with the gains of 0.36% to previous close.

Technically speaking, there isn’t much change in the chart structure as the banking index has been stuck in a tight range. Any attempt of recovery towards 35800-36000 is not sustainable; these levels has certainly gained more important and the wait continues to see 36000 plus levels which may boost the optimism to start the another leg of rally towards the life time highs. On the lower side, around 35000 is the immediate demand zone. At this point of time, traders are advised to avoid any aggressive bets in index and prefer trading in other baskets which is showing smart moves.

Nifty Bank Daily Chart

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