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Forecast

NIFTY / SENSEX

Nifty index witnessed a halt resisting near the 25650 zone in the morning session and thereafter witnessed a gradual slide as the day progressed to end near the 25500 zone with overall bias and sentiment maintained strong, expecting a further rise in the coming days. As mentioned earlier, the index would have the near-term support positioned near the 25250-25300 zone, and on the upside, with the undertone maintained strong, the scope for higher targets of 25700 and 26200 levels is achievable, with bias and sentiment better placed. Sensex, cooling off from the peak zone, slipped down below the 84000 zone with profit booking witnessed and has the next important support near the 20 DMA level at 82100, with the overall trend maintained positive as of now. The support for the day is seen at 25400 levels, while the resistance is seen at 25700 levels.

BANKNIFTY / BANKEX

BankNifty took a breather near the 57600 zone after the strong pickup witnessed in the previous session and ended the day near the 57300 level with overall bias maintained positive. The index continues to have the important support near the 56000 zone, which needs to be sustained, and, on the upside, with the bias improving, we can expect fresh targets of 58500 and 60000 levels in the coming days. Bankex failed to sustain above the 64500 zone, and with profit booking, it slipped down to end near the 64100 level, with the crucial support positioned near the 20 DMA of 63380 level, which needs to be sustained to keep the overall bias intact. BankNifty would have the daily range of 57000-57800 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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