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NIFTY / SENSEX

Nifty, after a period of one and a half months gripped between a tight range, has indicated a clear breakout with a bullish candle formation above the tough resistance hurdle of the 25300 zone, strengthening the trend, and a further rise is expected in the coming days. The index would have the near-term support elevated now to the 25250-25300 zone, and on the upside, with bias and sentiment improving, we can expect targets of 25700 and 26200 levels, as mentioned earlier, in the coming days. Sensex extended the gains further with a strong session witnessed once again to close above the important 78.6% retracement level of 83130 to strengthen the trend and has further scope of upward movement in the coming days. The index has indicated a robust move after a long consolidation in the range and now has further upside targets of 84400 (88.6% retracement) and 86200 (previous all-time high) levels, with the near-term important support positioned near the 20- period MA at the 81850 zone, which needs to be sustained as of now. The support for the day is seen at 25400 levels while the resistance is seen at 25700 levels.

BANKNIFTY / BANKEX

BankNifty has indicated a strong closing with a bullish candle pattern to breach above the previous peak zone at the 57050 level and has entered a new territory with bias improved significantly, expecting further upward movement in the coming days. The index would have the important support near the 56000 zone, which needs to be sustained, and, on the upside, can expect fresh higher targets of 58500 and 60000 levels in the coming days. Bankex witnessed another session of strong upward movement to record an all-time high level, scaling above the 64000 zone, and is a strong territory with an overall trend maintained as positive. As said earlier, one can expect the index to gain further, with fresh upside targets of 65225 and 66350 levels achievable in the coming days, with the 63250 zone as the important support area. BankNifty would have the daily range of 56700- 57800 levels.

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