IGI Logo

Forecast

NIFTY / SENSEX

Nifty, after taking a breather, has once again indicated a strong recovery from the 25850 zone to move past the important level of the 26000 zone, with sentiment once again maintained strong, anticipating a fresh upward move in the coming sessions. As mentioned earlier, the index would have the important near-term support at the 25700 level, which needs to be sustained, and with the undertone maintained strong, we expect further gains, having the next higher targets of 26300 and 26700 levels anticipated in the coming days. Sensex continued with the positive move further ahead with a bullish candle formation on the daily chart, moving past the level of the 85000 zone decisively to improve the bias, and closed the session near the 85200 level, which was important with respect to sentiment, which is beginning to turn optimistic from here on. The support for the day is seen at 25900 levels, while the resistance is seen at 26200 levels.

BANKNIFTY / BANKEX

Bank Nifty, after a slight halt to the ongoing uptrend near the 59100 zone, has once again resumed the strong upward move, scaling new highs above the 59250 zone with bias getting stronger, expecting higher targets of 60500 and 63000 levels in the coming days. The index would have the important and major support positioned near the 50EMA at the 57200 level, as mentioned earlier, and with most of the frontline banking stocks well poised for further gains, can pull the index to new highs in the coming days. Bankex witnessed positive gains moving ahead of the 66300 level, so we expect some improvement in the coming sessions, and a decisive move past the 66500 zone shall improve the bias, and thereafter, establish conviction, anticipating a fresh upward move towards 67700–68500 in the coming days with the 65500 level maintained as the important support zone, which needs to be sustained. BankNifty would have the daily range of 58800-59800 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

Above views are of the author and not of the website kindly read disclaimer