Technical Morning Ideas 18th Aug by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd
Below the Technical Morning Ideas 18th Aug by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd
NIFTY / SENSEX
Nifty once again witnessed a narrow range-bound session hovering near the 24600 zone with bias still maintained with a cautious approach and would need to breach above the 24800 zone on the upside to establish conviction and clarity, thereafter to anticipate for further rise in the coming sessions. On the downside, as mentioned earlier, the index needs to sustain above the low made near the 24300 zone as of now to keep the bias intact. Sensex witnessed almost a sluggish session with narrow range-bound movement, once again finding resistance near the 100 EMA zone and closing on a flat note near the 80600 level. The index has maintained the overall strong undertone, and we can expect a further rise once a decisive breach above the resistance level of 81000 is confirmed; fresh targets of 82000 and 82500 levels in the coming days. As mentioned earlier, the index continues to have the 79200 zone as the important and crucial support, which needs to be sustained as of now. The support for the day is seen at 24500 levels, while the resistance is seen at 24800 levels.
BANKNIFTY / BANKEX
BankNifty has been witnessing a narrow range-bound movement for quite some time, gripped between the 55000 and 55700 zone, desperately waiting for a decisive breakout on either side to get clarity and confirm a directional move in the coming days. With the index precariously placed at the current juncture, as said earlier, a decisive breach below the 54400 zone shall trigger intensified selling pressure overall, weakening the trend, with the next major support positioned near the important 200-period SMA at the 52700 zone. Bankex witnessed a very narrow range-bound session hovering near the 100EMA at the 61820 zone, forming an INSIDE BAR pattern on the daily chart. The index needs to move past the resistance hurdle of the 62000 zone, which is necessary to anticipate a further rise thereafter in the coming days. BankNifty would have the daily range of 54800-55800 levels.
Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels
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