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NIFTY / SENSEX

Nifty witnessed another session of consolidation near the 24700-24800 zone, and with the bias maintained intact, we can expect a further rise once a decisive breach above the 25000 zone is confirmed, with upside targets of 26300 and 27200 levels achievable in the coming days. As mentioned earlier, on the downside 24500 zone is positioned as the important and strong support level that needs to be sustained to keep the overall bias intact. Sensex witnessed a dull, sluggish session and remained hanging above the 20DMA level of 81350 for most of the session with bias. On the upside, as mentioned earlier, the index would need to move past the near-term hurdle of the 82500 level to regain some strength, and only a close above the 82700 zone shall bring conviction for further upward movement. The support for the day is seen at 24600 levels, while the resistance is seen at 25000 levels

BANKNIFTY / BANKEX

BankNifty witnessed a significant pullback in the second half to gather strength and closed near the important hurdle at the 55800 zone with bias improving and anticipating a breakout above the 56000 zone with strength indicated and can trigger fresh upside targets of 57700 and 60300 levels in the coming days. The near-term support shall be maintained near the 54500 zone, as mentioned earlier, which needs to be sustained as of now. Bankex witnessed a very narrow range-bound session hovering above the 63000 zone and was able to sustain the near-term support area of the 20DMA level of the 62530 zone with bias. The index needs to move past the resistance hurdle of the 63500 zone, which is necessary to anticipate for further rise thereafter in the coming days. BankNifty would have the daily range of 55400-56400 levels.

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