TECHNICALS DAILY

03rd May, 2024

Forecast
NIFTY
Nifty has maintained the positive bias intact currently consolidating near the peak zone of 22700 levels and with the undertone
remaining strong we anticipate further rise in the coming days. As mentioned earlier, the index would have the near-term target
of 23200 level with 22200 of the significant 50EMA level maintained as the important support zone. Sensex maintained the
positive bias by recovering from 74400 level to end near 74600 level and would need a decisive breach above 75125 levels to
confirm a breakout. The near-term support would be at 73250 level which needs to be sustained to maintain the positive bias.
The support for the day is seen at 74200/22500 levels while the resistance is seen at 75100/22800 levels.

BANKNIFTY
BankNifty has slipped further from the resistance zone of around 50000 levels and with near-term support of 48600 level has
maintained the overall bias positive. The index needs to breach above the long-term trendline zone of 50000 to confirm a
breakout and establish conviction to anticipate for further rise. Bankex slipped further with some profit booking seen and would
need to sustain the near-term support of 55450 zone to maintain the positive bias. Banknifty would have the daily range of
48800-49700 levels & for Bankex support at 55300 & resistance at 56200 level.

Stock Ideas with Trend Reversal

Positive :- ARVIND, BIRLACORPN, GSPL, IOC., IPCALAB, M&MFIN, NCC, RAYMOND, SBILIFE, TATAELXSI,
TCS, VRLLOG

Negative : - BANKINDIA, CHAMBLFERT, DIXON, FSL, GAIL, GNFC, GODREJIND, GODREJPROP, GSFC, INFY,
KSCL, UPL

Crossover above 200 daily MA Crossover below 200 daily MA

STYLAM IND, ADROIT INFOTECH, GULSHAN POLY, JM FINANCIAL, SAPPHIRE FOODS, KSOLVES,
TVS ELECTRONICS, HIND COMPOSITES, MAYUR JINDAL WORLDWID, BAFNA PHARMA, ARIHANT
UNIQUOTER, PASHUPATI COTSP, CYIENT, BINANI CAP, AFFLE INDIA, INNOVANA, HOME FIRST,
IND, AGS TRANSAC BANNARI AMMAN

Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels

Indices Closing Trend Reversal 2 Sup 1 Sup Pivot 1 Res 2 Res
Nifty 22648.20 7 22578 22499 22574 22642 22717 22785
Bank Nifty 49231.05 6 49017 48889 49060 49295 49466 49700
Sensex 74611.11 7 74384 74143 74377 74595 74829 75047
Bankex 55746.79 6 55708 54927 55337 55404 55814 55880
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