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Sensex (59678) / Nifty (17790)

Wednesday’s weak session was followed by a surprising opening with a decent gap in the weekly expiry session. This was mainly on the back of overnight recovery seen in US markets. After a good head start, index remained in a slender range for the remaining part of the day. Eventually, Nifty ended tad below the 17800 mark by adding more than eight tenths of a percent to the previous close.

The mighty bulls are certainly in no mood to give up. The way we closed on Wednesday, who would have thought we would open higher yesterday with such a decent margin. Now we are back to the corridor of uncertainty i.e. 17900 – 17950. Whether the market has enough strength to go pass it or not, the time will tell. On the flipside, 17700 first and then the sacrosanct support is placed at 17600. Let’s see how market behaves from hereon. Mostly we are reacting to US markets and hence, it would be important to keep a close eye there as well. As far as traders are concerned, they can continue focusing on individual stocks; but do not forget to maintain proper risk management.

Nifty Daily Chart

Nifty Bank Outlook - (37753)

Post wednesday's later half selling, we started the weekly expiry day with an upside gap towards 37900 admist recovery seen global market. However, during the day we hardly saw any relevant price action as the banking index grinded in the range of 400 point to conclude the session tad above 37750. Recently, the global market had been guiding the move seen in our market. For that matter, wednesday's latter half fall and yesterday's recovery was mainly due to the price action seen in US market. However, we still remain in a range of 37300-38000 and despite the early morning strenght the banking index seemed reluctant to even make an attempt to touch the sturdy wall of 38000. At this point in time, until we dont see a sustainable move beyond the range of 37300-38000 traders are advised to stay light specifically in index and shall focus on stock specific trades.

Nifty Bank Daily Chart

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