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NIFTY / SENSEX

Nifty witnessed a highly volatile session, slipping down with profit booking seen and ending near the 26000 zone, with the broader markets sliding down after finding resistance near the peak zone with bias still maintained intact. The index would have the near-term support at the 25800 zone, which needs to be sustained, and, on the upside, once a breakthrough above the 26200 zone is confirmed, then we can expect fresh higher targets of 26700 and 27200 levels in the coming days, as mentioned earlier. Sensex witnessed a volatile session, finding resistance near the 85600 zone and slipping with profit booking seen to end near the 85200 zone, with once again the index precariously placed and having the bias maintained with a cautiously positive approach. As mentioned earlier, the index has the crucial and important support zone near the 20 DMA level of 84375, which needs to be sustained and on the upside. The support for the day is seen at 25900 levels, while the resistance is seen at 26300 levels.

BANKNIFTY / BANKEX

BankNifty, after finding resistance near the 59440 zone, took a breather once again to witness some profit booking to close near the 58900 zone with near-term support positioned near the 58000 level, while the major and crucial support lies near the 50EMA zone at the 57300 level, which needs to be sustained to keep the overall trend intact. Once the 58500 zone is sustained, the index can expect another fresh round of upward movement with targets of 60000 and 61600 levels visible. Bankex witnessed a profit booking during the session to end near the 66150 zone, with the near-term support maintained near the important 20-period MA at the 65530 zone as of now. BankNifty would have the daily range of 58500-59400 levels.

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