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Below the quote on  Technical Comments By Vaishali Parekh, Prabhudas Lilladher Pvt. Ltd. 

Nifty ends week on a strong note

Nifty remained sluggish moving within a narrow range for the entire session resisting near 22300 zone after the strong pullback witnessed a day before to strengthen the trend. Bank Nifty once again slipped from the 47250 zone and ended marginally in the red near the 46800 levels. Sectorwise Media, Realty & pharma stocks were among the major gainers while PSU Banks, Metal & IT stocks were among the laggards. The market breadth was almost flat with the advance decline indicating a neutral ratio.

Nifty weekly range 21800-22600

The week saw Nifty index gaining strength by recording the all-time high level to breach above the previous peak and moving past the 22000 zone decisively has overall strengthen the bias to anticipate for further rise having targets of 22400 and 22800 levels in coming days with near-term support maintained at 22000 zone. Bank Nifty has been quite underperforming as compared to Nifty index and would need a decisive breach above 47400 zone to establish a conviction for further upward move for next targets of 48650 and 49750 levels in the coming days. The support for the week is seen at 72000/21800 levels while the resistance would be 74300/22600 levels. BankNifty would have the weekly range of 45500-48200 levels.

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