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NIFTY / SENSEX

Nifty remained range bound throughout the session, and with some volatility witnessed, it closed on a flat note, with the index overall consolidating within a narrow band for quite some time. With the sentiment maintained with a cautiously positive approach, the index would need to breach above the 24400 zone decisively, having the near-term support near the important 200-period MA at the 24050 level, which, if sustained, can regain with the positive move for further rise in the coming days. The Sensex witnessed a volatile session, finding resistance near the 80500 zone but maintaining above the important 80000 level for the session with bias and sentiment maintained with a cautiously positive approach with further rise anticipated in the coming sessions. The index has the next near-term target of the 82000 zone, and a decisive breach above the 80700 level shall establish some conviction for further rise ahead. The support for the day is seen at 24200 levels, while the resistance is seen at 24500 levels.

BANKNIFTY / BANKEX

BankNifty, after opening with some fluctuations, gradually slipped down as the day progressed with some profit booking seen and ended near the 55100 zone with the overall bias still maintained strong, having the important near-term support at the 54500 zone, which needs to be sustained. The index on the daily chart has indicated a flag pattern, as mentioned earlier, and once a decisive breach above 55700 is confirmed, one can expect another fresh round of momentum in the coming days. Bankex continues to remain sluggish overall as compared to Sensex, with fluctuations witnessed and resisting near the 63000 zone during the intraday session. The index has maintained the strong support zone near the 61500 level, and on the upside, it would need a decisive breach above the 63200 levels to improve the bias and thereafter expect a further rise in the coming days. BankNifty would have the daily range of 54600-55700 levels.

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