By – Vaishali Parekh,Vice President, Technical Research, PL Capital        

Forecast 

NIFTY / SENSEX 

Nifty remained range bound throughout the session, and with some volatility witnessed, it 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 24400 zone decisively, having the near-term support near the important 200-period MA at the  24050 level, which, if sustained, can regain with the positive move for further rise in the coming  days. The Sensex witnessed a volatile session, finding resistance near the 80500 zone but  maintaining above the important 80000 level for the session with bias and sentiment maintained  with a cautiously positive approach with further rise anticipated in the coming sessions. The index  has the next near-term target of the 82000 zone, and a decisive breach above the 80700 level shall  establish some conviction for further rise ahead. The support for the day is seen at 24200 levels,  while the resistance is seen at 24500 levels.

BANKNIFTY / BANKEX 

BankNifty, after opening with some fluctuations, gradually slipped down as the day progressed with  some profit booking seen and ended near the 55100 zone with the overall bias still maintained  strong, having the important near-term support at the 54500 zone, which needs to be sustained.  The index on the daily chart has indicated a flag pattern, as mentioned earlier, and once a decisive  breach above 55700 is confirmed, one can expect another fresh round of momentum in the coming  days. Bankex continues to remain sluggish overall as compared to Sensex, with fluctuations  witnessed and resisting near the 63000 zone during the intraday session. The index has maintained  the strong support zone near the 61500 level, and on the upside, it would need a decisive breach  above the 63200 levels to improve the bias and thereafter expect a further rise in the coming  days. BankNifty would have the daily range of 54600-55700 levels.

Nifty / BankNifty / Sensex / Bankex – Daily Technical Levels 

Indices Closing Trend Reversal 2 Sup 1 Sup Pivot 1 Res 2 Res Nifty 24334.20 -1 24343 24112 24223 24310 24421 24507 Bank Nifty 55087.15 -4 56010 54342 54714 55096 55469 55851 Sensex 80242.24 -1 80259 79569 79906 80216 80552 80862 Bankex 62622.04 -4 63910 62183 62402 63080 63299 63977

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Research Update | Open Calls

Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing.