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Forecast

NIFTY / SENSEX

Nifty, after opening with a gap down, remained sluggish with a narrow range bound movement to end near the 22400 zone with bias and sentiment precariously placed and further ahead, would need to move past the 22700 level to establish some conviction. The zone near the 22200 would be the crucial and important support level below which the index would once again get into the weaker zone opening the fresh downward targets. Sensex, witnessed consolidation in the range of 74100 – 73500 zone & forming INSIDE BAR pattern on the daily chart. As mentioned earlier, the index is precariously placed and with a decisive breach below 73500 level shall trigger for further slide in the coming days. A decisive move above 74800 zone is much needed to establish conviction and expect for stability in the coming sessions. The support for the day is seen at 22600 levels while the resistance is seen at 23200 levels

BANKNIFTY / BANKEX

BankNifty, amid some volatility sustained near the 49900 zone and witnessed a gradual pullback to close near the 50250 level with the overall bias maintained with a cautious approach. The index needs to move past the important resistance zone of 50700 level to overcome the weakness and thereafter, expect for further rise in the coming sessions. Bankex witnessed a range bound session hovering between 200 DMA & 50 EMA levels with no clear direction and was able to sustain the near-term support area of 57000 zone with bias maintained with a cautious approach. The index needs to move past the resistance hurdle of 58200 zone which is necessary to anticipate for further rise thereafter in the coming days. BankNifty would have the daily range of 50000-51500 levels

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