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NIFTY / SENSEX

Nifty indicated a strong bullish candle on the daily chart post the RBI policy outcome, which boosted the overall sentiment of the market players and closed on a strong note above the 25000 level to anticipate a further rise in the coming days. The index has gained strength, with most of the frontline stocks indicating a positive revival to expect for further gains, and once the recent peak of 25116 zone is breached decisively, one can expect fresh targets of 25600 and 26000 levels in the coming days. Sensex, after a long time, has indicated a strong bullish candle to close near the 82200 zone to improve the bias and sentiment, anticipating a fresh upward move in the coming days. The index has support at the significant 20DMA zone of the 81600 level to strengthen the trend and has opened the targets of the 83200 and 84500 levels on the upside. The support for the day is seen at 24800 levels, while the resistance is seen at 25300 levels.

BANKNIFTY / BANKEX

BankNifty gave a strong breakout above the tough resistance of the 55800-56000 zone with a bullish candle formation on the daily chart to enter a new territory and can expect further upward movement in the coming days. The index has overall strengthened the trend further, with most of the PSU banks also beginning to participate in the rally to support the benchmark index, and we can anticipate fresh upside targets of 57700 and 60000 levels in the coming days. Bankex witnessed one of the best sessions in recent times, almost retesting the previous peak zone of the 63800 level, with most of the frontline banking stocks along with PSU banks gaining strength, leading from the front. The index has now opened the gates for upside targets of 64500 and 66000 levels in the coming days, with the 61800 level maintained as the important and crucial support zone as of now, which needs to be sustained. BankNifty would have the daily range of 56000-57300 levels.

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