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Market Preview
Nifty at crucial juncture; 24500 zone signficant
Nifty was subjected to high volatility during the session resisting near the 24800 zone and with support positioned near the 24600 level, is precariously placed overall maintaining a cautiously optimistic view for the coming sessions. BankNifty witnessed some bounce back amid the high fluctuations with the PSU Banks indicating signs of improvement for furhter rise anticipated. The market breadth was flat with the advance decline indicating a neutral ratio at close.

Market Forecast
Nifty daily range 24500-24900
Nifty, witnessed a highly volatile session, swinging both ways finding resistance near the 24800 zone and thereafter, showed good support near the 24600 level to close almost on a flat note with bias overall maintained with a cautious approach. As mentioned earlier, the index is precariously placed having the crucial and major support positioned near the 24450-24500 zone and on the upside, would need a convincing and decisive breach above the 24900 zone to expect for further upside movement in the coming days
BankNifty, witnessed high fluctuations resisting near the 54700 zone and maintaining above the 54200 level ending the session on a marginal positive note near 54500 level with the bias maintained with a cautiously optimistic approach as of now expecting for a pullback in the coming sessions. With the next major support zone lying near 53600 level of the previous bottom made, the index would need to breach above the 50EMA level at 55200 zone to establish conviction and thereafter, expect for further rise in the coming days.
The support for the day is seen at 24500 levels, while the resistance is seen at 24900 levels. BankNifty would have the daily range of 54000-55200 levels.

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