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Sensex (48254) / Nifty (14496)

Our markets started the session marginally in the green as indicated by the SGX Nifty early in the morning. During the first half, we witnessed some choppiness in key indices with ample of stock specific activity. However, market started feeling some nervousness at the stroke of the penultimate hour, which led to a sharp decline to enter a sub-14500 territory. Eventually, due to this tail end correction, Nifty ended the session with nearly a percent cut.

All key indices are clearly directionless and this is what we have mentioning since last 3 – 4 days. For how long this will continue, nobody knows but till then it’s better not to trade aggressively in index and definitely avoid carrying overnight bets. For the coming session, 14450 – 14400 are to be seen as immediate supports and the way overall market is positioned, we expect buying to emerge at lower levels. Hence, one should avoid shorting around the support area; in fact, one can look to take some contradictory bets as we may see a rebound to test 14600 – 14700.

Nifty Daily Chart

Nifty Bank Outlook - (32270)

Post Monday’s tail end recovery, we began yesterday’s session on a slightly positive note as suggested by the global key indicators. In initial couple of hours, the BankNifty extended the upmove towards 33000 mark but unfortunately couldn’t sustain as we saw decent selling pressure at higher levels. In the midst, index wipedoff all the intraday gains and then selling got aggravated in the final hour of trade to drag index below 32200. Eventually, we concluded the day almost at the lowest point with a cut 0.60%.

If we consider recent technical chart, we have been stuck in a broad range of 30400-34400 for last seven consecutive weeks now. Monday’s recovery from the important support around 32000 mark was a sign of hope for Bull’s but yesterday’s latter half correction has dented the expectation. We have conclude yesterday’s session at an interesting point and follow-up move shall we very important to watch out. However, as long we manage to sustain above 32000 mark traders’ are advised avoiding any bearish bets. As far as levels are concerned, 31800-32200 is an immediate demand zone and on the higher side, resistance is placed around 33000 mark.

Nifty Bank Daily Chart

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