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NIFTY / SENSEX

Nifty, amid high volatility, witnessed a steep fall in the morning session to hit the low near the 24750 zone, thereafter to regain strongly, but once again found resistance near the 25000 level to slip down to end the session near the 24800 level with overall bias maintained positive. The index needs to breach above the 25000-level barrier to continue with the upward journey, while on the downside 24500 zone is positioned as the important support level, which needs to be sustained to keep the overall bias intact. Sensex has been gripped between a tight range of 80700 and 82700 levels for quite some time, with bias maintained with a cautiously positive approach, and would need a decisive breach above the 82500 zone to trigger a fresh upward move. As mentioned earlier, the index has the crucial and important support zone at the 20 DMA level of 81200, which needs to be sustained, and on the upside, as mentioned earlier, only a decisive breach above the 82500 level shall establish conviction to expect further rise in the coming days. The support for the day is seen at 24700 levels, while the resistance is seen at 25000 levels.

BANKNIFTY / BANKEX

BankNifty has repeatedly been failing to conquer above the tough hurdle of the 55800 zone, with profit booking dragging the index to end inside the narrow band of 55800 and 54400 levels with bias maintained positive, and as mentioned earlier, a decisive breach above the 55800 zone is much needed to trigger a fresh upward move having targets of 57200 and 58500 levels possible in the coming days. Bankex continues to move sideways, overall sustaining above the important and crucial support zone of 62500 levels, and as mentioned earlier, with most of the frontline banking stocks looking well poised for further upward movement, we expect the index to gain strength in the coming days. The index would need a decisive breach above 63500 levels to improve the bias and thereafter trigger a further rise in the coming days. BankNifty would have the daily range of 55000- 56000 levels.

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