August 24, 2023 / 10:50 AM IST

Sensex Today | Sameet Chavan, Head Research, Technical and Derivatives, Angel One:

The Indian equity market started the session on a positive note, as indicated by the GIFT Nifty. However, there was an initial hiccup in the benchmark index, which acted as a catapult to set up a buoyant tone for the remaining part of the session. The Nifty50 index managed to withhold its positive stature for the third consecutive session this week and eventually settled around the critical resistance zone, procuring 0.25 percent of the gain from the previous closure.

Sectoral rotation is quite evident in the markets, with the high-beta index Nifty Bank being the charioteer to uplift the sentiment. Technically speaking, the benchmark index is gradually inching toward the crucial resistance zone of 19480-19500 and in case of no significant global aberration, there's a high possibility of surpassing the higher boundaries, potentially setting the stage for positive momentum towards 19650-19680. While on the flip side, the support base is now elevated to 19400-19370, followed by 19300 in the comparable period.

The broader market continues to buzz and is likely to provide immense opportunities for outperformance in the near period. Of-late, the overall BFSI has gained some traction and a follow-up interest in the space could provide the much-needed impetus in the market to re-strengthen the bullish undertone. We would advocate traders to keep a watchful eye on overnight global developments while staying selective with stock preference.