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Below the Technical Morning Ideas 11th Aug by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd

NIFTY / SENSEX

Nifty, amid uncertainty with the tariff turmoil, once again fizzled out from the 24600 zone, with profit booking witnessed weakening the bias, with the index precariously placed, having the crucial 200-period MA at the 24000 level as the major support from here on. The sentiment has turned very cautious, and only a decisive breach above the 24800 zone shall get some clarity and conviction for further rise in the coming sessions. Sensex resisted near the 100 EMA and slipped down with a weak bias below the 80000 level with a bearish candle formation on the daily chart. The index would have the crucial support zone of the 200 DMA level at 79200, and for the upside bias to improve, it would need to breach above the 80800 level. The support for the day is seen at 24200 levels, while the resistance is seen at 24600 levels.

BANKNIFTY / BANKEX

Bank Nifty plunged from the 55600 zone in the morning session and continued with the slide as the day progressed to end on a weak note with a bearish engulfing pattern on the daily chart signalling weak sentiment, and we can anticipate a further slide. The 100-period MA positioned at the 54800 level is at risk, and a decisive breach below shall trigger a fresh downward slide with the 53500 zone as the major support of the previous low made. Bankex witnessed a gradual slide after resisting near the 100 EMA in the morning session to end near the 61100 zone, with the near-term strong support maintained near the important 200- period MA at the 59742 zone and with a decisive breach below, shall trigger for fresh selling pressure in the coming days. Bank Nifty would have the daily range of 54400-55600 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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