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NIFTY / SENSEX 

Nifty has once again sustained the important support near 24500 zone and with a narrow rangebound session witnessed during the entire day closed marginally in the green near 24600 level with overall bias maintained intact. With overall consolidation happening, the index needs a decisive breach above the 25000 zone, as mentioned earlier, to trigger for fresh upward move whereas at the same time, it needs to sustain above the 24500 zone failing which the bias would turn slightly weak and thereafter, the significant 200 period MA at 24050 zone would be the next major support positioned. Sensex remained range-bound throughout the session and closed on a positive note, with the index overall consolidating within a narrow band for some time. With the sentiment maintained with a cautiously positive approach, the index would need to breach above the 82500 zone decisively, having the near-term support near the important 50-period MA at the 79720 level, which, if sustained, can regain with the positive move for further rise in the coming days. The support for the day is seen at 24500 levels while the resistance is seen at 24800 levels.

BANKNIFTY / BANKEX

BankNifty, continue to witness sluggish movement within a very narrow band for quite a long time and would need a decisive breach above the 55800 zone to give a breakout above the tight range and expect for fresh move on the upside. As mentioned earlier, the index needs to sustain above the crucial support of 54500 level to maintain the overall bias intact and with the RBI policy expected in the coming sessions, there can anticipation of a major move on the positive side. Bankex, once again, indicated resilience amid the weak scenario and closed above the 20 DMA level of 62680 with strength indicated and with overall bias maintained positive. It needs to pick up and breach above the 63500 zone decisively to trigger a fresh upward move in the coming days. The coming 2-3 sessions would be very crucial due to RBI policy tomorrow, which would decide the further directional move of the indices. BankNifty would have the daily range of 55300-56200 levels.

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