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NIFTY / SENSEX

Nifty continued with the positive move to close above the 24000 zone after a long time with an optimistic approach maintained, expecting a further rise in the coming sessions. As mentioned in our earlier report, the important resistance hurdle in the 24350-24400 zone needs to be breached decisively to establish conviction and clarity to carry on with the positive move further ahead, having targets of 25000 and 25700 levels. The 50 EMA at the 23800 level would be the near-term important support that needs to be sustained. Sensex continued with the positive move further ahead with strong buying interest witnessed among the broader markets to pull the index to close above the 77150 zone with bias and sentiment improving ahead of weekly expiry. The index sustaining above the important 50EMA at the 76100 level has a further near-term target of the 78500 - 79300 level, while the 76000 level would be the important and crucial support zone that needs to be sustained as of now. The support for the day is seen at 23900 levels, while the resistance is seen at 24350 levels

BANKNIFTY / BANKEX

BankNifty witnessed a rangebound session and witnessed a marginal gain to end near the 57600 zone, sustaining above the important 200-period MA at the 57000 level, and with the bias maintained positive, one can anticipate a further rise in the coming sessions. With a flag pattern indication on the daily chart, the index can trigger a fresh upward move in the coming days with the 100-period MA in the 56500 zone as the nearterm support with upside targets of 59200 and 60500 levels expected. Bankex, after having consolidated above the 200 DMA level of 64100, has indicated a consolidation with a bullish candle formation on the daily chart to improve the bias once again, and further upward moves can be expected in the coming days; the overall trend is maintained intact. As mentioned earlier, the index would have the near-term support positioned near the 64000 zone, and, on the upside, the 65200 zone would be the resistance level that needs to be breached to trigger a breakout, and thereafter, expecting higher targets of 66300 and 66500 levels in the coming days. BankNifty would have the daily range of 56800-58500 levels.

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