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Nifty sustains 24000 zone

Nifty once again witnessed a weak session slipping down in the second half to breach below the 24000 level during the intraday session with bias weakening and is precariously placed. BankNifty continue to hover between the tight band of 58000 and 57000 level with bias getting sluggish and stagnant. The market breadth was weak with the advance decline indicating a ratio of 1:2 at close.

Market Forecast

Nifty daily range 23900 - 24300

Nifty witnessed resistance near the 24150 zone and slipped heavily with profit booking seen to end near the 24000 level with bias once again maintained with a cautious approach with the 23800-zone maintained as the important and crucial support, as mentioned earlier, and it needs to be sustained to maintain the overall trend intact. On the upside, the index would continue to have the important resistance hurdle of 24400 zone which needs to be breached decisively to establish conviction and thereafter, expect for fresh further upward move in the coming days. BankNifty once again slipped with profit booking witnessed closing near the 57400 level near the important 200-period MA and is trapped between the tight range of 58500 and 57000 levels for quite a long time with no directional movement visible. As we have been mentioning, the 50EMA zone near the 57300 is the near-term and on the upside, a decisive breach above the 58600 level is much awaited and thereafter, can expect for further targets of 59600 and 60500 levels in the coming days. The support for the day is seen at 23900 levels, while the resistance is seen at 24300 levels. BankNifty would have the daily range of 57000-58000 levels.

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