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Market Preview

Nifty in tight rangebound zone

Nifty opened slightly on the lower side in the red near 22300 levels and witnessed some volatile session between the 22270 and 22400 levels with profit booking seen in the initial half of the trading session, while in the afternoon saw some decent pullback to close near the 22350 levels. BankNifty, on the other hand gradually picked up during the trading session and closed above 47500 levels, with major frontline banking stocks like ICICI Bank and HDFC Bank getting stronger and helping the index gain further. Sector wise PSU Banks, AUTO & energy stocks were among the major gainers while IT stocks, Media and FMCG were among the laggards. The market breadth turned weak with the advance decline indicating a ratio of 1:2 at close.

Market Forecast

Nifty daily range 22200-22500

Nifty maintained the levels near the 22200 zone and has been hovering in the range of 22250 to 22450 zone for the past 3 sessions witnessing some consolidation, maintaining the support near the 22200 levels and on the upside level, need to breach this zone decisively for a fresh further upward move in the coming days. with select counters like PSU banking stocks, auto & energy picking up momentum with strength indicated and further upside moves anticipated. Banknifty with improved bias and indicators beginning to show strength, has given a decent pullback till now, and further rises to the level of 48500 are anticipated in the coming days. With the daily trend of both indices remaining up, the overall bias and sentiment have improved, and we maintain a positive outlook for the future. The support for the day is seen at 73200/22200, while the resistance is seen at 74100/22500. BankNifty would have a daily range of 47100-48200 levels.

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