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Forecast

NIFTY / SENSEX

Nifty, after the strong run-up, once again witnessed some profit booking, taking a breather to cool off from the peak zone of the 26100 level, and has the near-term support positioned near the 25400 level, which needs to be sustained to keep the overall trend intact. With the overall bias still maintained with an optimistic approach, another fresh round of upside moves cannot be ruled out, with the index aiming to retest the previous peak zone of the 26300 level, which can trigger a fresh upward move in the coming days. Sensex, during the intraday session, found resistance near the 84700 zone and slipped, with profit booking seen to end near the 84200 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 of the 83700 level, which needs to be sustained, and on the upside, as mentioned earlier, only a decisive breach above the 85300 level shall establish conviction to expect further rise ahead. The support for the day is seen at 25700 levels, while the resistance is seen at 26000 levels.

BANKNIFTY / BANKEX

Bank Nifty cooled off from the peak zone of the 58600 level, shedding some of the gains, and having the near-term support at the 57300 zone would need to stabilize and sustain to maintain the optimistic approach and expect further rise in the coming days. A decisive breach below the 56500 zone shall weaken the bias; thereafter, anticipate a further slide expected with the index having the next support positioned near the 55300 zone. With the undertone still maintained strong, one can expect a turnaround in the coming session, anticipating a further rise. Bankex continues to remain sluggish overall as compared to Sensex, with fluctuations witnessed and resistance near the 65700 zone during the intraday session. The index has maintained the strong support zone near the 64200 level, and on the upside, it would need a decisive breach above the 65800 level to improve the bias, and thereafter, we expect a further rise in the coming days. BankNifty would have the daily range of 57300-58400 levels.

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