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NIFTY / SENSEX

Nifty, witnessed a positive session opening with a gap-up and gained momentum to end near the 24400 zone,supported by active participation from the BAJAJ twins and Reliance, which helped ease the overall momentum

to end near the 24400 zone, with active participation witnessed from the BAJAJ twins & Reliance to support the index easing out the sentiment. The index would need to sustain above the 24450 level, and the important

hurdle of 24570-24600 needs to be breached decisively to establish conviction and improve the bias overall. The index would have the important support zone at the 50EMA level of 24018, which needs to be sustained to

maintain the bias intact as of now. Sensex, has been consolidating near the 78000 zone with rangebound session visible maintaining the positive bias intact sustaining above the near-term support of the important

S0EMA zone at 76900 level which needs to be sustained as of now. With the strong undertone maintained, the index will need a decisive breakout above the resistance barrier of 78500 to trigger a fresh upward move

towards the 200DMA level of 80100 in the coming days. The support for the day is seen at 24300 levels, while the resistance is seen at 24700 levels.

BANKNIFTY / BANKEX

BankNifty, ended the session in the green with consolidation witnessed near the important 200DMA at 57450 zone sustaining above the near-term support zone of S0EMA level of 56850 with bias maintained with a

cautiously positive approach as of now. As mentioned earlier, the important support at 56700 and thereafter, 56000 levels shall be the crucial zone which needs to be sustained in the coming sessions whereas on the

upside, the 200 period MA at 57450 level would be the important hurdle which needs to be breached above decisively. Bankex since the last3 sessions has been hovering above the 200DMA level of 64650 with

consolidation visible moving within a narrow range maintaining the positive bias intact and would need a decisive move past the near-term resistance of 65000 level to trigger for fresh rise in the coming days. On the

downside, the index would have the important near-term support positioned near the 50 EMA at the 64300 level, which needs to be sustained, and expect further upward movement in the coming days. BankNifty would

have the daily range of 56500-58000 levels.

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