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NIFTY / SENSEX 

Nifty witnessed a big bearish candle with heavy profit booking seen to touch the important and crucial support zone of 23000 level during the intraday session but managed to close near 23070 levels with bias and sentiment maintained with a very cautious approach as of now. The index needs to sustain the 23000 zone as mentioned earlier, and expect for a pullback in the coming sessions, failing which the index can drag further to retest the previous low of 23800 zone. Sensex witnessed heavy profit booking with a huge red weak candle formation on the daily chart and has broken the support of 76800 level with the bias turned weak. The index is currently precariously placed and as mentioned earlier, a decisive breach above the significant 200 period MA at 79000 zone is necessary to establish conviction and thereafter, expect for further upward move. The support for the day is seen at 22900 levels while the resistance is seen at 23300 levels. 

BANKNIFTY / BANKEX 

Bank Nifty gave in with selling pressure witnessed losing almost 600 points to end near the 49400 zone with bias turning weak having the near-term support of 48800 levels which needs to be sustained failing which the previous major low of 47900 can be retested in the coming days. The 50600 zone has been acting as the tough barrier on the upside and only a decisive breach above the 200 DMA level of 50900 shall bring conviction and confirm for a fresh upward move in the coming days. Bankex indicated a big bearish candle to end near 56000 level with bias turning weak and further a decisive breach below the important support of 55500 levels would trigger for fresh intensified selling pressure. A decisive move above the 57300 zone is necessary, as mentioned earlier, to make way for the initial target of the 200 period SMA level of 58000. Bank Nifty would have the daily range of 49000-50000 levels. 

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