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NIFTY / SENSEX

Nifty, indicated a significant recovery from the 22400 zone during the intraday session and closed on a positive note near the 22750 level, with active participation witnessed from the broader markets to improve the sentiment to some extent. The index continues to hover between the tight range, having the important near-term support of the 22200 zone, whereas on the upside, the index would have the important 50 EMA level at the 23200 zone as the tough resistance zone, which needs to be decisively breached above to establish conviction and clarity for further upward movement. The Sensex witnessed some fluctuations during the session, hitting the low near the 72900 zone, and thereafter, witnessing a decent recovery with active participation from the broader markets helping the index to gain momentum and close in the green above the 73600 zone. As said earlier, it's important the index sustains the near-term support of the 72800 zone to maintain the overall bias intact and attempt for a decisive breach above the 50EMA level at the 74500 zone to establish conviction and anticipate a further rise in the coming days. The support for the day is seen at the 22500 level, while the resistance is seen at the 23000 level.

BANKNIFTY / BANKEX

BankNifty, once again took support near the previous low made at the 53780 zone and witnessed a revival to end in the green near the 54350 zone with hopes of further pickup in the coming days. The bias and sentiment are maintained with a cautious approach and would need a significant rise to move past the tough resistance positioned around the 50 EMA level at the 55900 zone to improve the outlook and establish conviction. On the downside, the 53500 level and 52800 level would be the important and crucial zones that need to be sustained as of now. Bankex, with a gap-down opening near the 60500 zone, witnessed a significant revival to erase the loss and closed above the 61140 zone with overall consolidation visible and gripped between a tight range for quite some time. With the result season on, we expect fluctuations, and as mentioned earlier, the index would have the near-term support at the 60500 level, which needs to be sustained, whereas on the upside, a decisive breach above the 62800 (falling trendline breakout) shall improve the bias for a fresh upward move. BankNifty would have the daily range of 53700-55000 levels.
 

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