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Sensex (36106) / Nifty (10822)
Globally, there was no major trigger for the financial markets and in-line with this; we too had a flat start around 10850. During the first half, Nifty gradually corrected a bit and then consolidated for the remaining part to conclude the session with nearly three tenths of a percent loss from the previous close.
Yesterday was a day of boredom or in technical terms we can call it as a consolidation. The intraday price action does not give any indication as the day turned out to be the lackluster one after Wednesday’s massive intraday swings. We are still dangling around the higher end of the ‘Triangle’ as well as the ‘Diamond’ pattern. It seems that markets are awaiting some triggers to confirm these patterns. In the upward direction, a move beyond 10870 would unfold the rally towards 10940 and above. On the flipside, 10801 followed by 10733 would now be seen as a crucial support zone.
The recent driver ‘banking’ saw some profit booking after ‘Indusind Bank’ spoiling the mood post its quarterly numbers. Also, there was no major action seen in other heavyweight peer counters and hence, markets were unable to cross their hurdles. Going ahead, aggressive bets can be taken only after a breakout from the above mentioned levels. Till then it’s better to adopt a stock centric approach and follow strict stop losses for existing trades.
Nifty Bank Outlook - (27528)
The Nifty Bank index opened yesterday's session around the previous day's closing. However, it consolidated in range with a negative bias throughout the day and ended with a cut of about seven-tenths of a percent
Post-forming a 'Hanging man' candlestick pattern on the daily chart, the Nifty bank index traded within the previous day's range. Hence, it still remains within the wedge that we have been mentioning about since last few days. Technically, a directional move is expected only on a breakout from this pattern and citing the recent stock specific move, we expect a breakout on either side quite soon. Traders should be vigilant on the market moves and trade in the direction of the breakout. The supports for the index are placed around 27400 and 27222 whereas resistances are seen around 27705 and 27950.
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