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NIFTY / SENSEX

Nifty, after witnessing a huge gap down opening in the morning session, recovered significantly as the day progressed and closed on a flat note with overall bias sustained, and as mentioned earlier, a decisive breach above the 25000 zone shall confirm a breakout with upside targets of 25500 and 26300 levels achievable in the coming days. At the same time, on the downside, the 24500 zone is positioned as an important and strong support level that needs to be sustained to keep the overall bias intact. Sensex remained range-bound throughout the session, and with some volatility witnessed closed on a flat note, with the index overall consolidating within a narrow band for quite some time. With the sentiment maintained with a cautiously positive approach, the index would need to breach above the 82500 zone decisively, having the near-term support near the important 50-period MA at the 79630 level, which, if sustained, can regain the positive move for further rise in the coming days. The support for the day is seen at 24600 levels, while the resistance is seen at 24900 levels.

BANKNIFTY / BANKEX

Bank Nifty, after a long period of range-bound sessions, has indicated a breakout, closing above the tough resistance hurdle of the 55800 zone to strengthen the trend, and we can anticipate a further rise in the coming days and can trigger fresh upside targets of 57700 and 60300 levels. The nearterm support shall be maintained near the 54500 zone, as mentioned earlier, which needs to be sustained as of now. Bankex has sustained the important and crucial support zone of the 20 DMA level of 62580 once again and has closed above the 63200 level, maintaining the bias intact, and with most of the banking stocks along with PSU banks looking well set for further rise, we expect the index to gain strength in the coming days. The index, as mentioned earlier, would need a decisive breach above the 63800 levels to improve the bias and thereafter trigger a further rise in the coming days. Bank Nifty would have the daily range of 55600-56600 levels.

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