IGI Logo

NIFTY / SENSEX

Nifty, with a bullish candle formation has indicated a robust move decisively moving past the 23000 zone and also the important 50EMA level to indicate a clear breakout above the descending channel pattern on the daily chart after a six month time period to signify strength and can anticipate for further rise in the coming days. The index has opened the gates on the upside with targets of 23800 and 24200 levels expected with support now maintained near 22800 zone, with the broader markets also actively participating in the rally. Sensex has indicated a bullish candle to close above the resistance barrier of 76000 zone decisively to improve the bias and sentiment anticipating for fresh upward move in the coming days. The index has moved past the significant 50EMA zone of 75900 level to strengthen the trend and has opened the targets of 79000 and 79200 levels on the upside. The support for the day is seen at 23100 levels while the resistance is seen at 23400 levels.

BANKNIFTY / BANKEX

BankNifty, extended the gains further ahead closing above the 50000 zone with bias improving and sentiment eased out to expect for further rise in the coming sessions. As mentioned earlier, we can expect the index to move ahead for next targets of 50900 (200 period MA) and 51800 levels in the coming days with most of the frontline banking stocks supporting the index. Bankex has indicated a strong move past the 57300 zone to improve the overall bias and a decisive move past the significant 200 period MA at 58000 levels shall further strengthen the trend to anticipate for further rise in the coming days with targets of 59000 and 60000 levels open. The index would have the immediate support of 56200 level. BankNifty would have the daily range of 49600-50600 levels.

Above views are of the author and not of the website kindly read disclaimer