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Market Preview

Nifty gains strength

Nifty had a rangebound session in the initial half to witness some gains in the final hours to end on a positive note with sentiment improving and aiming to scale the previous peak zone of 22150 levels in the coming days. BankNifty also ended on a positive note after a long time with a close above 46200 zone moving past the important 50EMA level. Sectorwise PSU Banks, Energy, Auto, Realty and Infra were among the major gainers while FMCG was among the major laggards. The market breadth was quite strong with the advance decline indicating a ratio of 5:2 at close.

Market Forecast

Nifty daily range 21800-22100

Nifty maintained above the 21800 zone for the entire trading session with bias remaining positive with the broader markets also showing active participation to improve the sentiment overall. The index needs to sustain above the 21800 level as of now and expect for retesting the previous peak level of 22150 zone in the coming days. BankNifty, maintaining above the 46000 zone for most part of the session improved the bias with a decent close above the significant 50EMA level of 46070 zone after a month’s time. With the indicators showing signs of improvement, it is expected to achieve the next targets of 46800 and thereafter 48000 levels in the coming days. The support for the day is seen at 21800 while the resistance is seen at 22100. BankNifty would have the daily range of 45800-46800 levels.

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