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NIFTY / SENSEX

Nifty witnessed a big gap-up opening with Border Ceasefire news, which has indicated a robust move with the bulls gaining strength over the bears, closing above the previous peak of the 24800 zone, and with further targets of 25300 and 25800 levels expected, the bias and sentiment have turned overall positive as of now. The important 200DMA zone of the 24050 level shall be positioned as the major support for the short term. Sensex witnessed a strong move to close above the 61.8% retracement level of 81000 and moved out of the consolidation to improve the bias and sentiment, anticipating a further rise in the coming sessions. The index would have a near-term hurdle near the 78.6% retracement level at the 83500 zone, which needs to be breached decisively, which can further establish conviction for an upward move in the coming days. The support for the day is seen at 24700 levels, while the resistance is seen at 25200 levels.

BANKNIFTY / BANKEX

Bank Nifty has indicated a strong move past the 55000 zone to improve the overall bias, and a decisive move past the 55900 levels shall further strengthen the trend to anticipate a further rise in the coming days with targets of 56700 and 59020 levels open. The index would have the immediate support of the 54000 level, and with frontline banking stocks beginning to gain momentum, the overall sentiment looks positive. Bankex, indicating strength, once again witnessed a pullback from the 60500 level and gained momentum to close above the 63000 zone, with the banking and financial stocks supporting the expectation of a further rise in the coming sessions. As mentioned earlier, the index would have the important near-term support at the 62000 level, and on the upper side, a decisive breach above the 64050 zone shall trigger a fresh upward move in the coming days. Bank Nifty would have the daily range of 54500-56000 levels.

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