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Forecast

NIFTY / SENSEX

Nifty, after resisting near the 25450 zone in the previous session, witnessed some profit booking overall to end the day in the red after a long streak of winning sessions, gaining more than 1000 points from the low made near the 24400 zone. The overall bias is still maintained positive with the 25250-zone positioned as the important and crucial support that needs to be sustained as of now. On the upside, a decisive breach above the 25500 level shall trigger another fresh round of momentum, which can retest the previous peak zone of the 26277 level in the coming days. Sensex witnessed resistance near the 83000 zone in the previous session and succumbed to profit booking as the day progressed and closed near the important support zone at the 82500 level. The index needs to sustain above the 82000 zone, failing which the bias would turn slightly weak, and thereafter, the significant 50EMA at the 81430 zone would be the next major support positioned. The support for the day is seen at 25200 levels, while the resistance is seen at 25500 levels.

BANKNIFTY / BANKEX

Nifty witnessed some profit booking after forming a lower top pattern on the daily chart to end the session near the 55450 zone with the overall bias maintained positive. The index would have the important 50EMA at the 55150 zone as the near-term support, which needs to be sustained, whereas on the upside, a decisive breach above the 56200 zone shall trigger a fresh upward move in the coming days to retest the previous peak zone of 57628 levels. BankNifty, once again, failed to sustain above the 55700 zone, and with profit booking, slipped down to end near the 54900 level, with the crucial support positioned near the 54000 level, which needs to be sustained to keep the overall bias intact as mentioned earlier. BankNifty would have the daily range of 55000-56000 levels.

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