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Sensex (60910) / Nifty (18122)

We had a sluggish start to the session, taking slightly nervous global cues into the consideration. This was followed by a gradual recovery in the initial hour itself. However, the momentum was clearly lacking during the remaining part of the session. Nifty kept vacillating in merely 90 points range, which is certainly very slender for the index trading at 18000 levels. Eventually, we ended the session almost around previous day’s close.

This was one of the thinly traded sessions for our key indices in recent times. The action was lacking in heavyweight counters; however, few midcaps did well for themselves as the continued their recovery path after recent hammering. Now the only positive takeaway from yesterday’s session was, Nifty convincingly holding the key support zone of 18100 – 18000, which we believe is likely to remain defended for the remaining two sessions. On the flipside, there is no indication of surpassing 18250 – 18300 either and hence, unless there is any major movement globally, we expect the Nifty to remain within a range of 18000 – 18300 before unfolding the next move. Traders are advised to continue with a stock specific action and it’s better to avoid aggressive bets in indices.

Nifty Daily Chart

Nifty Bank Outlook (42828)

Bank Nifty started on a mild negative note and then witnessed a lackluster trading session as prices remained within a narrow range throughout the session. Eventually, the bank index ended flat with a marginal loss at 42828.

On the daily chart, prices are currently facing resistance around the 20EMA that is placed around 43000 levels and on the expiry day this level would be very crucial to watchout. On a sustain trading beyond 43000 levels a positive momentum may trigger which can push prices further towards 43400 - 43500 levels. On the flip side, since the undertone is bullish in case of any dip, it can be considered as buying opportunity with immediate support placed around 42400 - 42200 levels. We sense on the expiry day and ahead of the calendar year end, individual stocks may continue to give outperforming moves and hence as mentioned above one should avoid aggressive bets on Index front and focus on stock specific trades.

Nifty Bank Daily Chart

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