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Sensex (61981) / Nifty (18410)

We started yet another session on flat note and then consolidated nonchalantly till we reach the final hour of the session. Suddenly, with some nervousness across the board, Nifty made an aggressive move towards the key support of 18300 - 18260. The moment it appeared a bit shaky, the mighty bulls came for a rescue to lift the market back above the 18400 mark.

At present, we are in a perfect consolidation phase of a bullish market. The bulls first let counter-parties create a scenario of a breakdown and then with collective strength at supports, lifts the market almost at day’s high. As far as levels are concerned, 18350- 18300 is to be seen as immediate support zone, whereas on the flipside, 18460-18550 are to be seen as immediate hurdles. We advise traders not to take aggressive bets on indices, rather its better to focus on selective pockets which have potential to be in highlight.

Nifty Bank Outlook (42535)

Bank Nifty had a flat start, but the momentum remained on the positive side as the intraday dips got bought into and as the prices closed at the highest range for the day. The bulls added another 0.38% to their kitty as the bank index ended a tad above 42500 levels.

The northward journey continues as prices are in uncharted territory and with new highs being triggered every day. The momentum has eased down however we have seen in the last two sessions that buying is emerging from lower levels. Considering this we maintain the positive bias and advise traders to use dips as a buying opportunity. Also, since the index movement is truncated one should focus on stock specific approach as individual counters continue to buzz. For the weekly expiry key levels to watch would be around 42300 and 41700 levels on the flip side, 42750 followed by 43000 should be considered as immediate resistance.

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