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“NIFTY / SENSEX

Nifty witnessed some profit booking during the session to slip gradually as the day progressed and closed in the red near the 25350 zone with overall bias and sentiment still maintained intact. Volatility can be expected in the coming sessions, with the index having the important support positioned near the 25250-25300 zone, which needs to be sustained. On the upside, a decisive breach is necessary above the 25650 zone, which shall trigger a fresh upward move having higher targets of 25700 and 26200 levels in the coming days. Sensex, after witnessing tough resistance near the 84000 zone, finally closed below the 10DMA level of 83500 with profit booking, dragging the index to the 83200 zone with bias and sentiment turned a little bit weak. The index has the next major support positioned near the 20DMA zone of 82750, and from here on, for the bias to improve, it would once again need a decent revival and a decisive breach above the 84100 level to anticipate further rise in the coming days. The support for the day is seen at 25200 levels, while the resistance is seen at 25500 levels.

BANKNIFTY / BANKEX

BankNifty erased some gains as the day proceeded further and ended the session just below the 57000 zone, with consolidation visible near the 57000 zone with bias overall maintained positive. The index would need to have a decisive breach above the resistance level of 57600, which, when confirmed, shall trigger a further rise; thereafter, we expect fresh targets of 58500 and 60000 levels in the coming days. As mentioned earlier, the index would continue to have the 56000 zone as the important and crucial support, which needs to be sustained as of now. Bankex once again continued with the erosion from the peak made near the 64200 zone and has slipped towards the 20 DMA level of 63550, where the crucial support zone is positioned as of now, which needs to be sustained to keep the overall trend intact. BankNifty would have the daily range of 56500-57600 levels.”

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