IGI Logo

NIFTY / SENSEX

Nifty, having opened on the lower side near the 25150 zone, remained sluggish for most of the trading session to witness some positive spurts in the final hours to close above the 25200 zone with bias maintained with an optimistic approach for the coming days. As mentioned earlier, the index would need a decisive close above the important hurdle at the 25300 zone to establish conviction, and at the same time, it has the important support at the 25000 zone, which needs to be sustained to keep the overall trend intact. Sensex has closed above the 82300 zone to improve the bias and sentiment to some extent, anticipating a further upward move, with the broader markets showing active participation to support the benchmark indices. The index needs to breach above the 83000 zone to further establish conviction, and thereafter, expect targets of 83750 and 84200 levels in the coming days with the 50EMA level of 81500 maintained as the important and crucial support as of now. The support for the day is seen at 25100 levels, while the resistance is seen at 25400 levels.

BANKNIFTY / BANKEX

Bank Nifty recovered to some extent after the weak opening and remained flat throughout the session, with positive indications visible from most of the frontline banking stocks, which likely can pull the index to fresh upside movement in the coming days. As said earlier, with the 55600 level positioned as the near-term support for the index, we can anticipate a further upward move having the near-term target of the 57700 zone in the coming days with sentiment easing out and maintaining an optimistic approach with the festive season nearing. Bankex witnessed a decent pullback to close near the 64000 zone, and further ahead, a decisive breach above the previous high level of 64500 shall establish conviction, and thereafter, we can anticipate a further rise in the coming days with targets of 66000 and 67500 levels achievable. The zone around 62800 would be the important support that needs to be sustained as of now to keep the overall bias intact. BankNifty would have the daily range of 56200-57300 levels.

Please refer disclaimer at https://www.plindia.com/disclaimer/

SEBI Registration No. INH000000271