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Forecast

NIFTY / SENSEX

Nifty surged ahead with a strong opening session above the 25900 zone with the overall trend getting strong and is aiming to retest the previous peak zone of the 26300 level in the coming days. The index would have the important support positioned near the trendline zone at the 25400 level, which needs to be sustained to keep the bias intact, and currently, with the undertone being strong, we can expect further gains in the coming days. Sensex continues to gain strength, sustaining above the important 161.8% retracement level, which is positioned near the 83750 zone, maintained as the strong near-term support, and currently closing above the 84000 level has further improved bias and sentiment overall. With the broader markets supporting the benchmark index, on the upside, Sensex needs to breach above the important previous high level of the 86000 zone, which shall establish further stability and conviction for further upward movement towards 89500–93800 in the coming days. The support for the day is seen at 25700 levels, while the resistance is seen at 26000 levels.

BANKNIFTY / BANKEX

Bank Nifty continued with the positive uptrend to close above the 58000 zone with a strong bias maintained, and with most of the frontline banking stocks getting ready for a fresh upward move, we expect a further upward move in the coming days with the next targets of 58600 and 59700 levels achievable in the coming days. The previous consolidation zone at the 57300 level would be positioned as the important support zone from the current level, which needs to be sustained. Bankex continues to witness a gradual rise after sustaining the important near-term support at the 64500 level and expects further movement till the 67800 zone. The index would continue to have the important support positioned near the 64000 level, and on the upside, a decisive breach above the 1.28% retracement level of 66150 is necessary to trigger further fresh higher targets of 67800 and 68200 levels in the coming days. BankNifty would have the daily range of 57600-58700 levels.

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