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Below the Technical Morning Ideas 03rd October 2025 by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd

Forecast

NIFTY / SENSEX

Nifty, after a long 9 consecutive sessions of losing streak, has finally indicated a strong pullback with a bullish candle formation on the daily chart to improve the bias and sentiment, which was desperately needed and important. The index has sustained above the important 24500 zone, and with the RSI correcting well from the overbought zone, it has indicated a trend reversal to anticipate further rise and would need to carry on with the positive move with the near-term hurdle of the 25250 level positioned as the resistance zone. Sensex indicated a strong bullish candle on the daily chart post the RBI policy outcome, which boosted the overall sentiment of the market players and closed on a strong note near the 100EMA level of 81000 to anticipate a further rise in the coming days. The support for the day is seen at 24700 levels, while the resistance is seen at 25100 levels.

BANKNIFTY / BANKEX

BankNifty has indicated a strong bullish candle pattern on the daily chart moving past the important 50EMA at the 55100 zone to regain strength after the long weak sessions witnessed, and further, with bias and sentiment significantly improved, we can anticipate a fresh upside move once the neckline of the inverted head and shoulder positioned near the 55500 zone is decisively breached, as mentioned earlier. The important support would be maintained near the 54400-54500 zone, which needs to be sustained. Bankex gave a strong breakout above the 50 EMA level of 61800 with a bullish candle formation on the daily chart to enter a new territory, and we can expect further upward movement in the coming days. The index has overall strengthened the trend further, with most of the private banks also beginning to participate in the rally to support the benchmark index, and we can anticipate fresh upside targets of 62850 and 63200 levels in the coming days. BankNifty would have the daily range of 54900-56000 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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