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Below the Quote on Technicals Daily Morning Report by Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher

NIFTY / SENSEX

Nifty forming another lower top formation on the daily chart has plunged to reach the important 200 period MA at 23540 zone with bias maintained with a very cautious approach and further slides can deteriorate the overall scenario with panic setting in. The index would need to breach above the 23300-24000 zone to Improve the bias to some extent failing which the next crucial support les near 22800 zone with sentiment getting scary Sensex has skpped rear the 200EMA level of 77360 zone and a decisive breach breach below 77300 zone shall trigger for further side with the bias tuming weak. The support for the week is soon at 76000/23000 levels while the resistance would be at 79200/24000 levels

BANK NIFTY / BANKEX

BankNifty, has tanked this wook breaching below the 50000 zone with bias turning weak and a decisive breach below the important 200 period MA of 49750 level shall trigger for further selling pressure with next major support lying near 49000 level of the rising trendline zone. The index would need to breach above the 51000 level to improve the bias from current situation and thereafter, expect for further rise if conviction is established. Banker slipped down from the 58000 levels to form another lower top pattern on the daily chart to weaken the bias and further has 56600 zone as the crucial support of the 200 period MA which needs to be sustained. On the upper side, the 58300 level is acting as a tough barrier and only a decisive bresch shall trigger for fresh upward move. BankNifty would have the weekly range of 48500-51700 levels, with Bank support at 56300 and resistance at 58300 vels

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