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NIFTY / SENSEX

Nifty witnessed consolidation in the range of the 23850 – 24000 zone with a narrow range bound session closing on a flat note with bias and sentiment maintained positive with a slightly cautious approach. As mentioned earlier, the index would need to sustain itself above the near-term support of the 23800 level, while the important support zone is positioned near the 23800 level, which needs to be maintained for now. On the upside, a breach above the 24000 level shall trigger the next higher targets of 24200 and 24400 levels in the coming days. Sensex once again witnessed a sluggish session, finding resistance near the 76224 zone during the intraday session and, with a gradual drag, ending below the 75900 zone. The index would have the major support positioned near the level of the 74200 zone, as mentioned earlier, which needs to be sustained to maintain the overall bias intact, whereas on the upside, a decisive close above the 50 EMA level of 76950 would expect the target of the 78300 - 79000 levels. The support for the day is seen at 23700 levels, while the resistance is seen at 24100 levels

BANKNIFTY / BANKEX

BankNifty, continued to trade weakly during the session, witnessing steady profit booking activity near the 50 EMA level of 55221 in the morning session and closed near the lower end in the 54800 zone with bias and sentiment maintained with a cautious approach. The index would have the crucial 54100 zone, which is the GAP area, and would need to sustain it to avoid any fresh trigger of selling pressure with the next major support positioned near the 52800 zone. Bankex once again witnessed a range bound session with sluggish movement visible, continuing with the consolidation period, which has been going on for the last 3 sessions, with the support maintained near the 61000 zone, as mentioned earlier. On the upside, the index would desperately need a decisive breach above the 50 EMA level of 62200 to trigger a fresh upward move in the coming days. BankNifty would have the daily range of 54000-55500 levels.

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