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Below the Technical Morning Ideas 01st Aug by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd

“NIFTY / SENSEX

Nifty, after opening on a weak note, witnessed a strong recovery to touch the 24950 zone but resisted near the important 50EMA zone and fizzled out with heavy profit booking seen to close near the 24750 level with bias and sentiment precariously placed as of now. As mentioned earlier, on the downside, the index has got the crucial support at the 24500 level, which needs to be sustained to keep the overall trend intact, and at the same time, on the upside, it would need to breach above the 25000 zone to improve the bias and expect further rise. Sensex witnessed a volatile session, finding resistance near the 50 EMA level of 81800 but maintaining above the 100 EMA level of 80800 for the session, with bias and sentiment maintained with a cautious approach till the time a decisive breach above the 82050 zone is not confirmed. As mentioned earlier, the 80500 zone would be the important and crucial support as of now, which needs to be sustained to keep the overall trend intact. The support for the day is seen at 24600 levels, while the resistance is seen at 25000 levels.

 BANKNIFTY / BANKEX

BankNifty witnessed a decent recovery from the 55500 level to scale the 56400 zone, but witnessing resistance, it slipped down to end just below the 56000 level with bias once again maintained with a cautious approach. The index is hovering below the important 50EMA zone of the 56100 level and would need a decisive revival to move past the barrier, with the overall bias precariously placed, having the major support now positioned near the 100-period MA at the 54500 zone. Bankex, amid fluctuations, found resistance near the 62600 zone and ended on a flat note with bias still remaining cautious and would need a decisive breach above the 50EMA level of 62930 to establish conviction and improve the bias, thereafter to anticipate further rise. The level of 61500 would be the important support zone as of now, which the index needs to sustain. BankNifty would have the daily range of 55500-56600 levels.”

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