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Market Preview

Nifty ends near 22200 zone

Nifty after witnessing a pullback from 22100 zone, improved the bias to end the session near 22200 levels and is anticipated to gain further in the coming sessions. BankNifty closed on a flat note taking support near the 46350 zone and a decisive breach above 47300 level is necessary to improve the trend overall. Sectorwise Realty, IT, Auto and Pharma were among the major gainers while Media, PSU Banks and Financial Services were among the laggards. The market breadth was slightly on the weaker side with the advance decline indicating a ratio of 4:5 at close.

Market Forecast

Nifty daily range 22100-22400

Nifty as on now taking support near the 22100 zone has picked up gradually with some volatility witnessed and ended the session near 22200 zone with bias once again improving and anticipating for further rise in this week. As mentioned earlier, with the overall bias maintained strong, the index is expected to carry on with positive move for next targets of 22400 and 22800 levels anticipated in the coming days. BankNifty took support near 46350 zone during the intraday session and ended on a flat note near 46600 level with nearterm support maintained near the 50EMA level of 46200 zone and would need to breach above the 47300 band to trigger for fresh upward move. The support for the day is seen at 22100 level while the resistance would be seen at 22400. BankNifty would have the daily range of 46300-47000 levels

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