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NIFTY / SENSEX

Nifty indicated a significant pullback from the low made near 23350 levels which was the important longterm trendline zone and shown signs of improving bias to cross above the 23750 zone which did not last long with heavy profit booking eroded the gains on the back of fresh news of geo-political tensions arising, to initiate a very cautious approach. The index would have the crucial support zone of 23350 levels failing which would create panic selling and can worsen the trend further with next major support lying near 21700 zone.

Sensex after the pullback witnessed in the morning session scaled 78500 zone but failed to sustain in second half with overall bias and sentiment weakening and gradually erased the some gains to end near the 200 DMA zone of 77421. The support for the day is seen at 77000/23350 levels while the resistance would be seen at 78100/23700 levels.

BANKNIFTY / BANKEX

BankNifty, almost reached the 51000 zone but could not sustain much longer, to witnessing profit booking to end the session near 50600 levels with bias turning into cautious mode. The index would have the crucial support zone near the important 200 period MA of 49800 levels below which the overall trend would turn bearish. Bankex scaled 58600 zone in the morning session but witnessing tough resistance, gradually slipped down to end near the 57600 zone with bias turning weak and is precariously placed with next important level of the 200 period MA at 56650 levels to be watched for. BankNifty would have the daily range of 50000- 51000 levels, with Bankex support at 57000 and resistance at 58200 levels.

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