Technical Forecast 29th September 2025 by Vaishali Parekh, Vice President - Technical Research at PL Capital
Forecast
NIFTY / SENSEX
Nifty opened with a gap down and tanked heavily with profit booking witnessed as the day progressed to end on a very weak note near 24650 zone with bias turning weak and the index now precariously placed having the crucial and major support positioned near the 24450-24500 zone. With the sentiment now maintained with a very cautious approach, the index needs to sustain the 24450-zone failing which the trend would turn weak triggering for fresh intensified selling pressure in the coming days having the next support at 200 period SMA near 24100 level. Sensex continued with slide and has slipped further indicating a bearish candle with bears taking control and has turned the bias weak moving below the 50EMA at 81450 zone with sentiment maintained with a cautious approach as of now. The index has got the important and crucial support at the 200 period SMA level at 79450 zone which needs to be sustained failing which the trend would turn weak. The support for the day is seen at 24500 levels, while the resistance is seen at 24900 levels.
BANKNIFTY / BANKEX
Bank Nifty succumbed to heavy profit booking and plunged below the 54400 zone during the intraday session with bias weakening and sentiment turning into very cautious mode with next major support zone lying near 53600 level of the previous bottom made. From current rate, for the index to improve its bias, it would need to move past the 50EMA level at 55200 zone decisively and thereafter, expect for further rise in the coming days. Bankex after the recent sluggish movement, plunged drastically to move below the important 50EMA at 61800 level to weaken the bias and can anticipate for further slide in the coming sessions. The index would have the next major support near the important 200 period SMA at 60150 level which needs to be sustained, to maintain the overall trend intact. For the bias to improve, it would need to cross the 100 period SMA at 62500 level and thereafter, expect for further rise in the coming days. BankNifty would have the daily range of 54000-55200 levels.
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