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NIFTY / SENSEX

Nifty, with the overall bias maintained strong, after a short period of breather, has taken support near the 23400 zone and indicated a decent bounce back to close on a positive note near 23600 level to anticipate for further rise in the coming sessions. As mentioned earlier, the index would have the crucial and major support zone near 23000 zone with the 50EMA positioned near 23100 levels and can expect for higher targets of 23800 and 24200 levels in the coming days. Sensex after opening on a weak note recovered significantly with participation from the broader markets as well to end near the 77600 zone with sentiment slightly easing out and can anticipate for further rise till 79200 levels in the coming sessions. The index would have the crucial and important support zone of 50 EMA level at 76200 as of now which needs to be sustained and on the upside, as mentioned earlier, only a decisive breach above 200 DMA level of 79200 shall establish conviction to expect for further rise ahead. The support for the day is seen at 23450 levels while the resistance is seen at 23800 levels.

BANKNIFTY / BANKEX

Bank Nifty, with strength indicated, has taken support near the important 200-period MA at the 51000 level and witnessed a significant pullback to once again anticipate carrying on with the positive upward move with targets of 52600 and 53800 levels expected in the coming sessions. As mentioned earlier, the zone near the significant 100-period MA at the 50350 level would be the near-term important support that needs to be sustained as of now. Bankex has sustained above all the important moving averages and the crucial support zone of the 200 DMA level at 58080. It also closed above the 59000 level, maintaining the bias intact, and with most of the frontline banking & financial stocks looking well set for further rise, we expect the index to gain strength in the coming days. Bank Nifty would have the daily range of 51200-52200 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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