Technical Morning Ideas: The support for the day is seen at 24900 levels, while the resistance is seen at 25300 levels by Vaishali Parekh, Vice President - Technical Research, PL Capital
NIFTY / SENSEX
Nifty once again witnessed a sluggish session with a very narrow movement throughout the session to end on a flat note, with the broader market showing some active participation to support the overall sentiment maintained positive. The index has been in consolidation and sustained above the 25000 zone, maintaining the trend intact, and once the recent peak of the 25116 zone is breached decisively, one can expect fresh targets of 25600 and 26000 levels in the coming days for the index, as mentioned earlier. Sensex remained range-bound throughout the session due to index weekly expiry, and with some volatility witnessed, it closed on a flat note with the index overall consolidating within a narrow band for the last 2 sessions. With the sentiment maintained with a cautiously positive approach, the index would need to breach above the 83000 zone decisively, having the near-term support near the important 10 DMA at the 81600 level. The support for the day is seen at 24900 levels, while the resistance is seen at 25300 levels.
BANKNIFTY / BANKEX
BankNifty, after the strong spurt, has been witnessing a gradual slide since the last two sessions, maintaining the positive bias, and with the 56000 zone positioned as the important support zone, the index would need another round of momentum, breaching the 57000 level decisively, to expect a fresh upward move. As said earlier, one can expect the index to gain further, with fresh upside targets of 57800 and 60000 levels achievable in the coming days, with the 55800 zone as the important support area. Bankex continues to remain sluggish overall and is resisting near the previous high level of the 64300 zone during the intraday session. The index has maintained the strong support zone near the 63200 level, and on the upside, it would need a decisive breach above the 64300 level to improve the bias, and thereafter, we expect a further rise in the coming days. BankNifty would have the daily range of 56200-57200 levels.
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