Technical Comments By Vaishali Parekh, Prabhudas Lilladher Pvt. Ltd.
Forecast
NIFTY
Nifty after the slide witnessed in the previous session took support near the 21850 zone and recovered in the final hours to breach above the 22000 zone but overall bias remains cautious with a conviction yet to be established for the index to convincingly move past the 22000 levels. The index would have important support near 21800 zone while on the upside would need a decisive move past the 22200 levels for continuation of the uptrend. The support for the day is seen at 21850 level while the resistance would be seen at 22100.
BANKNIFTY
Banknifty also witnessed volatility with support maintained near the 45700 zone and with a pullback seen
managed to reach the 46300 levels but failed to give a close above the 46200 levels of the significant 50EMA
zone. The overall bias for the index remains weak and would need a decisive breach above 47000 zone to
improve the bias. Banknifty would have the daily range of 45700-46600 levels.
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