IGI Logo

NIFTY / SENSEX

Nifty index continues to remain sluggish for another session, witnessing consolidation with a very narrow range-bound movement during the intraday session to end on a flat note with bias and sentiment sustained, having the important near-term support positioned near the 25250-25300 zone. As mentioned earlier, on the upside, we can expect a revival and carry on with the positive move for higher targets of 25700 and 26200 levels once a decisive breach above the 25650 zone is confirmed. Sensex witnessed a dull, sluggish session and remained hanging near the 10 DMA level at the 83350 zone for most of the session with bias and sentiment maintained with a cautious approach, and further ahead, a decisive move below the 82800 level shall trigger selling pressure. On the upside, as mentioned earlier, the index would need to move past the near-term hurdle of the 84100 level to regain some strength, and only a close above the 23000 zone shall bring conviction for further upward movement. The support for the day is seen at 25300 levels, while the resistance is seen at 25600 levels.

BANKNIFTY / BANKEX

BankNifty witnessed some volatility in the initial half, finding resistance near the 57150 zone, and slipped down to remain rangebound and ended the session almost on a flat note just below the 57000 zone with bias maintained intact and formation of a higher bottom pattern visible on the daily chart. The index continues to have the 56000 zone as the important support, as mentioned earlier, which needs to be sustained as of now, and once a decisive breach above the resistance level of 57600 is breached, thereafter one can expect fresh targets of 58500 and 60000 levels in the coming days. Bankex witnessed a very narrow range-bound session hovering near the 20 DMA at the 63500 zone, forming an INSIDE BAR pattern on the daily chart. The index needs to move past the resistance hurdle of the 64300 zone, which is necessary to anticipate a further rise thereafter in the coming days. BankNifty would have the daily range of 56500-57600 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

Above views are of the author and not of the website kindly read disclaimer