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NIFTY / SENSEX

Nifty surged ahead during the session to close above the 26000 zone with bias getting stronger, and we can expect a further rise in the coming days with the index almost ready to retest the previous peak zone of the 26277 level with the undertone maintained strong. As mentioned earlier, the index would have the important near-term support at the 25700 level, which needs to be sustained to keep the overall bias intact, and on the upside, we have the next targets of the 26300 and 26700 levels anticipated. Sensex, after opening on a positive note near the 84700 zone, managed to maintain the positive bias as the day progressed, closing near the 85000 level, with the broader markets showing some signs of improvement. As mentioned earlier, the index needs to close above the 85300 zone to get some clarity and conviction to carry on with the positive move further ahead, and at the same time, it would need to sustain above the low made near the 84200 zone as of now to maintain the bias intact. The support for the day is seen at 25900 levels, while the resistance is seen at 26200 levels.

BANKNIFTY / BANKEX

BankNifty finally witnessed a convincing breakout above the tough hurdle at the 58600 level with a gap-up opening and remained stable for the rest of the session to enter a new territory with bias getting strong; expect a fresh upward move in the coming sessions. The index would have the important and major support positioned near the 50EMA at the 57000 level, which needs to be sustained, and expect higher targets of 60500 and 63000 levels in the coming days. Bankex has indicated a strong closing with a bullish candle pattern to breach above the previous peak zone at the 66176 level and has entered a new territory with bias improved significantly, expecting a further upward move in the coming days. The index would have the important support near the 20 DMA level of the 65300 zone, which needs to be sustained, and, on the upside, can expect fresh higher targets of the 67700 and 68500 levels in the coming days. BankNifty would have the daily range of 58600-59600 levels.

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