Technical Morning Ideas 31th July by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd
Below the Technical Morning Ideas 31th July by Vaishali Parekh Vice President - Technical Research, PL Capital Group - Prabhudas Lilladher Ltd
“NIFTY / SENSEX
Nifty witnessed a sluggish session with a range bound movement for most of the session, finding resistance near the important 50EMA zone at the 24900 level, and would need a decisive breach above the 25000 zone to improve the bias and expect a further rise. On the downside, the index has got the crucial support at the 24500 level, which needs to be sustained to keep the overall trend intact, as mentioned earlier. Sensex witnessed another session of consolidation near the 50 EMA zone and can expect a rise once a decisive breach above the 50 EMA level of 81830 is confirmed. As mentioned earlier, on the downside, the 200 DMA level of the 79223 zone is positioned as the important and strong support level, which needs to be sustained to keep the overall bias intact. The support for the day is seen at 24700 levels, while the resistance is seen at 25000 levels.
BANKNIFTY / BANKEX
BankNifty witnessed a narrow range-bound session with the 56000 level sustained as the important support and is awaiting the Fed outcome to trigger a further fresh directional move in the coming days. As said earlier, the index needs to have a decent revival to break past the important hurdle at the 57400 zone to trigger a fresh upward move in the coming days, whereas the 50 EMA level near the 56000 zone continues to act as the important support zone, which needs to be sustained to keep the bias intact. Bankex witnessed a narrow range-bound session hovering in the range of the 50 EMA & 100 EMA zone. As said earlier, the index needs to have a decent revival to break past the important hurdle at 50 EMA level of 63000 to trigger for fresh upward move in the coming days whereas 100EMA level near 61850 zone continue to act as the important support zone which needs to be sustained to maintain the bias intact. BankNifty would have the daily range of 55700 56800 levels.”
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