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Sensex (62682) / Nifty (18618)

We started the session on a humble note in absence of global as well as domestic triggers. Since there was no participation from major heavyweight pockets, we continued with the consolidation phase within a small range. However, at the stroke of the penultimate hour, the buying momentum suddenly kicked in which augmented in last half an hour of trade. With a complete gush across the board, the Nifty hastened towards yet another milestone of 18800 before anyone could even realize it. The adjusted close happened tad above 18750 by adding three forth of a percent gains to the bulls’ kitty

The bulls continue to show their hegemony in the market and the moment it feels as if they are going to loosen up their grip a bit, moves like yesterday appear from nowhere. We have been persistent with our optimistic approach and are not at all surprised with seeing Nifty at new milestone of 18800. Hence, it’s advisable not to fall for any intraday declines, because the positioning has been quite strong and all meaningful dips are getting bought into. Now, with most of the heavyweight spaces participating in the move, we can consider this as a robust rally. Importantly, the broader end of the spectrum has finally shown some signs of coming out of the slumber phase.

Nifty Bank Outlook (43053)

Bank Nifty started on a positive note however as the day progressed it slipped lower not only to erase morning gains but to move beyond the previous day's low. The undertone being bullish this dip got bought into in a furious way during the second half to eventually end with gains of 0.41% at 43231.

On the daily chart, it may seem prices remain within the consolidation zone of the last four sessions however this is now the highest closing and on the intraday charts, we are witnessing a range breakout. Considering the fag end positive momentum, we expect the prices to extend up move during the weekly expiry and hence in case of any minor dip it should be used as a buying opportunity. The levels to watch out for would be 43040 and 42880 on the downside whereas on the higher side 43500 - 43650 seems to be an immediate target.

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