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Forecast

NIFTY / SENSEX

Nifty has finally breached below the important and crucial support zone of 22800 level decisively weakening the bias and further ahead with a close below the 22400 zone shall further weaken the overall trend with next downside target of 21600 and 21400 levels open. The index would need to move past the near-term hurdle of 22800 level to regain some strength and only a close above 23000 zone shall bring conviction for further upward move. Sensex witnessing a gap down opening below the important support zone of 75200 level has weakened the bias and closing near the 74450 zone has created a very cautious approach among the market players with the index now precariously placed. The next major support would be near 73500 levels while for the bias to improve, the index needs to move past the 75500 zone and witness some stability. The support for the day is seen at 22400 levels while the resistance is seen at 22800 levels.

BANKNIFTY / BANKEX

Bank Nifty, is now precariously placed with a close below the 48700 zone with bias once again turning weak and further ahead, a decisive move below the important and crucial support of 47900 zone shall trigger for panic selling pressure. As mentioned earlier, for the bias to improve, the index needs to move past the resistance hurdle of 49700 zone to anticipate for further rise in the coming days. Bankex with a weak bias could not sustain above the 55700 zone and slipped with profit booking witnessed end near the 55430 level with no conviction visible as of now. Once again, as mentioned earlier, the index needs to move past the important hurdle of 56650 level and at the same time, sustain above the important and crucial support of 54300 level to maintain the overall bias intact. Bank Nifty would have the daily range of 48200-49000 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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