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NIFTY / SENSEX

Nifty, with a gap-down opening session, witnessed a volatile session and breached below the important support of the 24500 zone but managed to recover in the final hours to close the session near the 24600 level with bias still maintained positive overall. The index would need to sustain above the 24500 zone, failing which the next crucial support would be the 200-period MA at around the 24000 level, and on the upside, a decisive breach above the 25000 zone is necessary to trigger a fresh upward move in the coming days. Sensex witnessed a volatile session, finding support & closing above the 20 DMA level at 80890. As mentioned earlier, the index is precariously placed, and a decisive breach below the 80500 level shall trigger a further slide in the coming days. A decisive move above the 82500 zone is much needed to establish conviction and expect stability in the coming sessions. The support for the day is seen at 24450 levels, while the resistance is seen at 24800 levels.

BANKNIFTY / BANKEX

Bank Nifty continues to hover near the 55000 zone with no major directional movement witnessed for quite some time and, as mentioned earlier, is gripped between the 55700 and 54400 levels, which need to be breached on either side to trigger a fresh directional move. The overall bias is maintained cautiously positive, with most of the frontline banking stocks finding consolidation with the bias overall maintained positive. Bankex witnessed a very narrow range-bound session hovering below the 20 DMA level of 62480 with no clear direction and was able to sustain the near-term support area of the 61800 zone with bias maintained with a cautious approach. The index needs to move past the resistance hurdle of the 63200 zone, which is necessary to anticipate for further rise thereafter in the coming days. Bank Nifty would have the daily range of 54500-55600 levels.

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

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