The markets are likely to be choppy in a range, until the key events are over by the weekend.
For now, it seems, like the BSE Sensex may move in a broad range of 28,960-29,500, a break in either direction can create unexpected movement.
The bias is likely to be cautiously positive as long as the Sensex manages to sustain above 28,960. On the positive front, sustained trade above 29,230-odd level, can trigger a rally towards 29,400-29,500.
As per the daily Fibonacci charts, the Sensex on Thursday, is likely to seek support around 28,890-28,855-28,820, while on the upside may face resistance around 29,125-29,160-29,195.
The NSE Nifty seems to be hovering around the 20-DMA (Daily Moving Average) for the last three trading sessions. The daily Bollinger Bands indicates a range of 8,550-8,975 in the near term.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) and the Stochastic Slow are in favour of the bears. The ADX (Average Directional Index) and the 14-day RSI (Relative Strength Index) however are positive.
On Thursday, the NSE Nifty may seek support around 8,735-8,720-8,710, while face resistance around 8,800-8,810-8,825.
The Bank Nifty may seek support around 18,590-18,550-18,505, while on the other hand face resistance around 18,870-18,915-18,960.
For now, it seems, like the BSE Sensex may move in a broad range of 28,960-29,500, a break in either direction can create unexpected movement.
The bias is likely to be cautiously positive as long as the Sensex manages to sustain above 28,960. On the positive front, sustained trade above 29,230-odd level, can trigger a rally towards 29,400-29,500.
As per the daily Fibonacci charts, the Sensex on Thursday, is likely to seek support around 28,890-28,855-28,820, while on the upside may face resistance around 29,125-29,160-29,195.
The NSE Nifty seems to be hovering around the 20-DMA (Daily Moving Average) for the last three trading sessions. The daily Bollinger Bands indicates a range of 8,550-8,975 in the near term.
Among the key momentum oscillators - the MACD (Moving Average Convergence-Divergence) and the Stochastic Slow are in favour of the bears. The ADX (Average Directional Index) and the 14-day RSI (Relative Strength Index) however are positive.
On Thursday, the NSE Nifty may seek support around 8,735-8,720-8,710, while face resistance around 8,800-8,810-8,825.
The Bank Nifty may seek support around 18,590-18,550-18,505, while on the other hand face resistance around 18,870-18,915-18,960.
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