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Forecast

NIFTY

Nifty witnessed volatility in the morning session and with support taken near 21630 zone, recovered significantly to close near the 21800 zone with sentiment in a much better position. The index has been maintaining the support zone of 21700 levels as of now and would need a decisive breach above the 21800 zone to improve the bias overall. The support for the day is seen at 21700 while the resistance is seen at 21950.

BANK NIFTY

BankNifty opened on a weak note near 44900 zone of the significant 200 period MA level but witnessed a decent recovery as the day progressed to end near the 45600 levels with consolidation happening for quite some time. As mentioned earlier, there is resisting witnessed near the 50EMA level of 46150 zone and would need a decisive breach above that zone for conviction to be established for further rise. BankNifty would have the daily range of 44200-46000 levels.

Stock Ideas with Trend Reversal

Positive : - ACC, AMBUJA CEMENT, APOLLO HOSPITAL, AUBANK, BAJAJ AUTO, BANK BARODA, CASTROL IND, DABUR , GRASIM, INDIA CEMENT, JUBLFOOD, TITAN

Negative : - BIOCON, BSE, EXIDE INDS, GMDC, JINDAL STEEL, MARUTI, PFCL, RECL LTD, TATA POWER, VEDL, WABAG

Crossover above 200 daily MA

APOLLO PIPES, VIPUL, FOCE INDIA, ORIENTAL ARO, STANDARD IND, GM BREW, ASAHI INDIA, SYNGENE INT, CIEINDIA

Crossover below 200 daily MA

HINDUSTAN AER, MENON BEARINGS, MM FORGING, QMS MEDICAL, HIKAL, HOEC, BALAJI AMINES, KANPUR PLAST, RAMCO CEMENTS, NURECA

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