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Forecast

NIFTY / SENSEX

Nifty continues to gain strength, sustaining above the important 50EMA level, which is positioned near the 25750 zone, maintained as the strong near-term support, and currently closing near the 25960 level has further improved bias and sentiment overall. With the broader markets supporting the benchmark index, on the upside, Nifty needs to breach above the important hurdle of the 26050-26200 zone, which shall establish further stability and conviction for further upward movement in the coming days. Sensex has continued with the positive move gaining further crossing the 85000 zone during the intraday with bias and sentiment improving once again with the broader markets showing signs of positive move anticipating for further rise in the coming days. The index would need a decisive close above the important hurdle at 85300 zone to establish conviction and thereafter, can expect for fresh upward move with 86000 - 86300 level as the next immediate target. The support for the day is seen at 25800 levels, while the resistance is seen at 26100 levels.

BANKNIFTY / BANKEX

Bank Nifty witnessed a range-bound session with the 59000 zone sustained and closed in the green with a 156-point gain, indicating some hopes. The index has got the important 50EMA at the 58351 level, which would be the next near-term support zone, and, on the upside, a decisive breach above the 59500 level would improve the bias; thereafter, expect further rise. Bankex continues to witness a sluggish and narrow range-bound session overall, indicating a gradual rise in the last few sessions but lacking conviction and a clear directional move. As we have been mentioning, the index would need a decisive move past the 66700 zone to overall improve the bias, and thereafter, establish conviction anticipating a fresh upward move in the coming days with the 65800 level maintained as the important support zone, which needs to be sustained. Bank Nifty would have the daily range of 58500-59500 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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