IGI Logo

Market Preview

Nifty ends above 22000 zone

Nifty opened with a gap up opening and breached above the 22000 zone once again to improve the bias and sentiment anticipating to re- test the All-Time High level in the coming sessions. BankNifty sustained above the 46000 zone and with improving bias is expected to gain further. Sectorwise Auto, Pharma, Realty, IT and Media were among the major gainers while Energy and PSU Banks were among the laggards. The market breadth was maintained strong with the advance decline indicating a ratio of 2:1 at close.

Market Forecast

Nifty weekly range 21700-22400

Nifty gained further with a gap up opening and once again breached above the 22000 zone and sustained the levels with bias maintained strong expecting to retest the previous peak levels in the coming sessions. The index would have the 21800 level as the important support zone and can expect for higher targets of 22400 and 22800 levels once a decisive breakout above the previous peak level is confirmed. BankNifty, with a gap up opening surged ahead but witnessed resistance near 46700 zone and with profit booking seen slipped down to end near 46400 levels. The index would have the crucial hurdle of 46800 levels which need to be beached to expect for further upward move while on the downside the levels near the significant 50EMA zone of 46100 would be the near-term support level. The support for the week is seen at 71400/21700 while the resistance is seen at 73600/22400. BankNifty would have the weekly

Above views are of the author and not of the website kindly read disclaimer