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NIFTY / SENSEX

Nifty once again witnessing a volatile session during the intraday session recovered strongly from 22330 level and almost closed on a flat note near 22470 levels to maintain the bias with a cautiously positive approach. We continue with our stance of the index having the crucial and important support zone of 22000 level as of now which needs to be sustained and on the upside, as mentioned earlier, only a decisive breach above 23000 level shall establish conviction to expect for further rise ahead. Sensex witnessed a slight pullback and managed to close above the 74000 zone, with the broader markets showing some improvement, and further can be anticipated in the coming sessions. As mentioned earlier, the index needs to decisively breach above the 20 DMA level of 74750 to establish conviction and thereafter anticipate a further rise in the coming days. The support for the day is seen at 22300 levels while the resistance is seen at 22700 levels.

BANKNIFTY / BANKEX

Bank Nifty, has sustained the important and crucial support zone of 47800 levels once again and has closed above the 48000 level maintaining the bias intact and with most of the frontline banking stocks looking well set for further rise, we expect the index to gain strength in the coming days. The index, as mentioned earlier, would need a decisive breach above the 50EMA zone of 49500 levels to improve the bias and thereafter, trigger for further rise in the coming days. Bankex witnessed a decent pullback as compared to Sensex once again, finding resistance near the 20 DMA at the 55550 zone, slightly easing out the sentiment, and would aim for breaching above the hurdle of the 55500 level during the coming week. As mentioned earlier, the 54300 zone would be the crucial support zone, which needs to be sustained for an up move. Bank Nifty would have the daily range of 47600-48600 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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