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Forecast

NIFTY / SENSEX

Nifty witnessed a strong gap-up opening above the 26000 zone and surged ahead to scale the 26100 level, finding resistance, and the post-lunch session witnessed profit booking to end near the 25900 zone with bias maintained positive overall. With the undertone maintained strong, the index is almost near to retesting the previous peak zone of the 26300 level and would have the important support positioned near the trendline zone at the 25400 level, as mentioned earlier, which needs to be sustained to carry on with the positive trend further ahead. Sensex, after opening on a positive note, fizzled out, resisting near the 85300 zone, and with profit booking seen, witnessed a gradual slide to end near the 84550 zone with bias maintained intact, having the strong support near the 83700 level, which has been sustained as of now. The support for the day is seen at 25750 levels, while the resistance is seen at 26100 levels.

BANKNIFTY / BANKEX

BankNifty witnessed a positive gap-up opening to continue with the positive uptrend and scaled the high of the 58577 level during the intraday session, and thereafter, in the second half, slipped with profit booking seen to close near the 58100 zone with bias and sentiment maintained intact. The index would have the nearterm support at the previous consolidation zone at the 57300 level, which needs to be sustained, and on the upside, we can expect the next targets of the 59700 and 60500 levels in the coming days. Bankex witnessed profit booking after resisting near the 1.28% retracement level of the 66152 zone, slipping down to close near the 65600 zone, slightly weakening the bias, but with the overall trend maintained intact, one can expect the index to consolidate near the 64700-65200 zone, which is the near-term important support. On the upside, once a decisive breach above the resistance level of 66150 is breached, thereafter one can expect fresh targets of 67750 and 68300 levels in the coming days. BankNifty would have the daily range of 57600-58600 levels.

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