The markets tanked heavily in trade on Thursday following freight hike across industries proposed in the Railway Budget.
The Sensex now seems headed towards the monthly Fibonacci support level at 28,500-odd levels, below which the next target would be 28,000.
On the positive front, the BSE index will now have to break and sustain above 28,960-odd levels for hopes of any pull-back in the remainder of the week.
This is going to be a long week, with markets open on Saturday on account of the Union Budget.
As per the daily Fibonacci charts, the Sensex on Friday, is likely to seek support around 28,605-28,560-28,515, while on the upside may face resistance around 28,890-28,935-28,980.
The NSE Nifty has closed decisively below the 20-DMA, with key momentum oscillators on the daily and the monthly charts in favour of the bears. However, there seem some hopes on the weekly charts, hence a pull-back cannot be ruled out.
In case of further selling, the Nifty may drop towards the lower-end of the Bollinger Band at 8,550-odd level.
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) are also showing signs of tiredness.
On Friday, the NSE Nifty may seek support around 8,640-8,625-8,610, while face resistance around 8,730-8,740-8,755.
The Bank Nifty may seek support around 18,420-18,385-18,350, while on the other hand face resistance around 18,655-18,690-18,730.
The Sensex now seems headed towards the monthly Fibonacci support level at 28,500-odd levels, below which the next target would be 28,000.
On the positive front, the BSE index will now have to break and sustain above 28,960-odd levels for hopes of any pull-back in the remainder of the week.
This is going to be a long week, with markets open on Saturday on account of the Union Budget.
As per the daily Fibonacci charts, the Sensex on Friday, is likely to seek support around 28,605-28,560-28,515, while on the upside may face resistance around 28,890-28,935-28,980.
The NSE Nifty has closed decisively below the 20-DMA, with key momentum oscillators on the daily and the monthly charts in favour of the bears. However, there seem some hopes on the weekly charts, hence a pull-back cannot be ruled out.
In case of further selling, the Nifty may drop towards the lower-end of the Bollinger Band at 8,550-odd level.
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) are also showing signs of tiredness.
On Friday, the NSE Nifty may seek support around 8,640-8,625-8,610, while face resistance around 8,730-8,740-8,755.
The Bank Nifty may seek support around 18,420-18,385-18,350, while on the other hand face resistance around 18,655-18,690-18,730.
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