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Nifty slips further; ends near 25500 zone

Nifty slipped further with profit booking dragging the index to close near the 25500 zone with the broader market also witnessing shedding their gains to slightly weaken the bias. BankNifty sliding further once again is positioned near the support zone at 57500 level still within the tight narrow range of 1000 points. The market breadth was weak with the advance decline indicating a ratio of 1:3 at close.

Market Forecast

Nifty daily range 25400-25700

Nifty continued with the downward slide after resisting near the 26100 zone further extending the losses to close near the 25500 zone with bias getting slightly weaker having the important support positioned near the 25400 zone as mentioned in our earlier reports. The index would need a decisive move past the 25700 zone to improve the bias from current level and thereafter, expect for further rise after establishing conviction in the coming sessions.

BankNifty once again arrived near the near-term support zone at 57500 level with rangebound movement visible since the past 2 weeks gripped between the 58500 and 57500 band for quite some time with bias precariously placed and expecting for fresh directional move in the coming days. As said earlier, a decisive breach above 58500 zone is much needed to expect for fresh upward move in the coming days having the higher target of 60000 level, with next downside important support positioned near the 50EMA at 56500 level which needs to be sustained.

The support for the day is seen at 25400 levels, while the resistance is seen at 25700 levels. BankNifty would have the daily range of 57300-58000 levels.

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