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NIFTY / SENSEX

Nifty, amid the weak cues, witnessed a decent recovery from the 50EMA support zone of 23150 level to maintain the bias intact and can anticipate for further upward movement provided the nearterm support of 23100 level is sustained in the coming sessions. The index as of now has shown resilience and in the next 2-3 sessions can get a clarity and confirmation for further directional move. The index having psychological base near 23000 zone would need to move past the 23800 zone for fresh upward move. Sensex with the weak bias maintained, has closed below 50 DMA level of 76300 and with a decisive breach below 20 DMA level of 75700 shall trigger for fresh intensified selling pressure in the coming days. On the upside, only a significant move past the level of 76800 zone shall improve the bias and expect for further upward move. The support for the day is seen at 23100 levels while the resistance is seen at 23400 levels.

BANKNIFTY / BANKEX

BankNifty, indicating strength, once again witnessed a pullback from 51000 level and gained momentum to close near the 51600 zone with most of the PSU Banks also supporting the frontline banking stocks to expect for further rise in the coming sessions. As mentioned earlier, the index would have the important near-term support of the 50EMA zone at 49750 level and on the upper side, a decisive breach above the 52000 zone shall trigger for fresh upward move in the coming days. Bankex after opening on a weak note below 58500 zone recovered to closed above the 59200 level with improvement visible from the broader markets as well with pullback visible from their lower ends to improve the sentiment to some extent. As mentioned earlier, the index is precariously placed and with a decisive breach below 58000 level shall trigger for further slide in the coming days. A decisive move above 59800 zone is much needed to establish conviction and expect for stability in the coming sessions. BankNifty would have the daily range of 51200-52000 levels.

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