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Sensex (52852) / Nifty (15824)

The recent trend continues as we once again had rough global cues to start the expiry week on a negative note. At the pre-opening, levels indicated flat start but immediately in few initial trades, Nifty was slightly below 15800. Fortunately there was no further aberration seen in our markets as we saw a range bound action thereafter to conclude the session with a negligible loss.

The global markets are continuously turning to be a spoilsport. Every time when Nifty is about to move towards 16000, the nervousness across the globe restricts the upside. Fortunately unlike previous Monday, our market showed tremendous resilience yesterday and refused to correct to the tune of other peers. We hope to have some relief in other markets, which may help our markets come out of the congestion zone. For the coming session, 15900 remains to be sturdy wall and only a sustainable move beyond this would push the index towards the new milestone. On the flipside, 15800 followed by 15720 are to be treated as strong supports.

Although the heavyweights had a sluggish day yesterday, the broader market was doing exceedingly well. One needs to keep focusing on such potential movers and trade with proper risk management. Also we reiterate that we are trading in a range and till the time we do not surpass the higher boundary, it’s better not to carry aggressive leveraged positions overnight.

Nifty Daily Chart

Nifty Bank Outlook - (34950)

The SGX Nifty hinted flat start for the monthly expiry week and inline to this the banking index too started-off the session slightly lower. However, we decent volatility in the initial hour of trade wherein the BankNifty marked an intraday low below 34700 but recovered smartly to reclaim opening levels. During the remaining part of the day, index made couple of attempts to surpass 35000 plus levels but failed to sustain above same and eventually concluded the day tad below 35000 mark.

Last week, we witnessed nervousness in the global market which also hampered the overall sentiments of our market. The BankNifty tanked below 34400 mark but due to V-shaped recovery in the latter half of the week could reclaim 35000 mark on the closing basis. In our couple of articles, we have been mentioning that until we don’t see the banking index gearing up to give a sustainable move beyond 36000 mark things still remains uncertain. The banking index will be the key driver to bring the benchmark index beyond the much awaited figure of 16000, so it’s important to see how things pan out for coming few sessions of this monthly expiry week. As far as levels are concerned, 34300-34400 remains a strong demand zone; whereas, on the higher side immediate resistance is place around 35200-35400.

Nifty Bank Daily Chart

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