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NIFTY / SENSEX

Nifty extended the gains further ahead with a steady rise as the day progressed and closed above the 24900 zone with sentiment much better placed and anticipating further positive developments in the coming sessions. As mentioned earlier, the index would have the crucial and important support zone near the 24500 zone, and a decisive move above the 25200 level shall trigger a fresh further rise in the coming days to strengthen the trend. Sensex has indicated a strong pullback from the 50 EMA level of the 80272 zone with a bullish candle formation on the daily chart with overall bias maintained, and we can anticipate a further rise in the coming sessions. The index would have the important and crucial support zone near the 80300 level, as mentioned earlier, and a decisive breach above the 82700 zone shall trigger fresh upward movement. The support for the day is seen at 24800 levels, while the resistance is seen at 25200 levels.

BANKNIFTY / BANKEX

BankNifty witnessed a significant recovery from the low made near the 55150 zone in the previous session and ended on a much more optimistic note near the 56000 zone, with most of the banking stocks showing a decent bounce back and improving the bias to anticipate further upward movement for the index. Once again a decisive move above the 56000 zone is confirmed; it shall turn the bias positive, and with near-term support positioned near the 55000 level, one can expect the index to retest the peak zone of 57000 levels in the coming days. Bankex, indicating strength, once again witnessed a pullback from the 50EMA level and gained momentum to close above the 63000 zone, with most of the banks along with financial stocks also supporting the expectation of a further rise in the coming sessions. As mentioned earlier, the index would have the important nearterm support of the 50EMA zone at the 61800 level, and on the upper side, a decisive breach above the 64200 zone shall trigger a fresh upward move in the coming days. BankNifty would have the daily range of 55500-56500 levels.

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