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Below the Quote on Thermax wins a repeat order worth Rs5.2bn for a 600 MW greenfield energy project in Botswana by Amit Anwani, Research Analyst, Pl Capital- Prabhudas Lilladher Pvt. Ltd

NIFTY / SENSEX

Nifty index has indicated a strong positive move during the week with a higher low formation pattern on the daily chart and with the bias along with sentiment maintained positive, it is anticipated to carry on with the positive move for next targets of 25900 and 26300 levels in the coming days. The zone near 25200 would be considered as the immediate crucial support from current level which needs to be sustained. Sensex has witnessed a range bound movement consolidating for the day between 83100 and 82500 levels with bias remaining intact. The index, as mentioned earlier, would have the crucial support zone near the 20 DMA level of 81750, which needs to be sustained to maintain the positive bias overall. The support for the week is seen at 81500/24900 levels while the resistance is seen at 84300/25900 levels.

BANKNIFTY / BANKEX

BankNifty recovered significantly from 50350 zone and has breached above the previous peak zone of 51750 level to improve the bias to anticipate for further rise in the coming days with next targets of 53500 and 55100 levels expected. The zone near the important 50EMA level of 51000 would remain as the immediate support for the index and would need to sustain above it. Bankex witnessed a decent spurt during the week and is maintaining above the trendline zone at 58500 levels for further rise in the coming days. The index as of now has got the 58000 zone as the crucial support, which needs to be sustained to maintain the positive bias and expect further rise till 59700 level. BankNifty would have the weekly range of 50600-53400 levels , with Bankex support at 57300 and resistance at 58600 levels.

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