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Forecast

NIFTY / SENSEX

Nifty once again recovered significantly to scale the 26000 zone after witnessing two weak sessions to take a breather, and with bias turning positive, it has improved the sentiment to anticipate a further rise in the coming days. As mentioned earlier, the index maintaining a strong uptrend has the next initial target of the 26500 level, and thereafter, with sustained strength, we can expect a higher target of the 27300 level, with the 25400 zone positioned as the important support from the current level. Sensex has regained strength after witnessing two sessions of profit booking and has closed near the 84700 level once again, expecting further rise in the coming sessions. With the undertone maintained positive along with the broader markets indicating active participation, the index is maintained positive, and as mentioned earlier, once the level of 85300 is breached decisively, we can anticipate higher targets of the 89500 (1.28% retracement) and 93793 (1.61% retracement) levels in the coming days. The important and crucial support zone would be positioned near the 83000 level as mentioned earlier, which needs to be sustained. The support for the day is seen at 25800 levels, while the resistance is seen at 26200 levels.

BANKNIFTY / BANKEX

Bank Nifty, after a short dip witnessed, has once again regained strength to close above the 58000 zone, with the frontline banking stocks like HDFC Bank, SBI, and Axis Bank picking up to pull the index, and we can expect a further upward move, having the next target of the 60000 level in the coming days. The near-term support near the 57300 zone would be crucial, which needs to be sustained, and with the overall undertone maintained strong, as we have said earlier, we expect the positive momentum to carry on for further gains with the trend getting better. Bankex formed an inside bar pattern on the daily chart with a close above the 65500 zone after opening on a positive note in the morning sessions with hopes of positive developments awaited in the coming sessions. The index has managed to sustain above the important 10DMA at the 64830 zone, which is the near-term support as of now, and on the upside, it would need a decisive breach above the 65800 zone to establish conviction and stability for further rise, as mentioned earlier. BankNifty would have the daily range of 57800-58800 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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