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NIFTY / SENSEX

Nifty, once again witnessing resistance The 24400 zone has tanked post the lunch session amid ongoing tensions across the border to close near the 24250 zone with bias and sentiment maintained with a cautious approach awaiting further developments in the coming days. As mentioned earlier, the index is precariously placed, having the crucial and important support zone near the 200-period MA at 24050 levels, which needs to be sustained as of now. Sensex once again failed to move above the 81000 zone and, amid volatility, closed near the 80300 levels. The bias remains cautious as long as the important 81000 levels are not breached above to establish conviction. The 200 DMA at the 79100 zone would continue to be the important and crucial support level as of now, which needs to be sustained. The support for the day is seen at 24000 levels, while the resistance is seen at 24500 levels.

BANKNIFTY / BANKEX

BankNifty, amid high volatility, found resistance near the 54900 zone, and with heavy profit booking witnessed, ended the session below the 54400 level with sentiment precariously placed with a cautious approach. The index would need to maintain above the near-term support of the 54000 zone to expect consolidation, failing which, the situation can turn weak with the trend turning down. Bankex once again witnessed a dip, failing to move past the 63500 zone, and with most of the banking stocks losing steam dragged the index to close near the 61700 zone with bias maintained with a cautious approach. The index needs to sustain above the important support of the 60500 level, and as mentioned earlier, only a decisive close above the important 63500 level shall establish conviction for further rise in the coming days. BankNifty would have the daily range of 53700- 55000 levels.

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