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Nifty breaches below 22500 zone 

Nifty amid fluctuations, once again slipped below the 22500 zone with profit booking witnessed weakening the bias and sentiment. BankNifty with weak bias lost almost 300 points to end near the 48200 zone and is precariously placed with 47800 level as the important support zone. The market breadth turned weak with the advance decline indicating a ratio of 1:3 at close. 

Nifty daily range 22300-22700 

Nifty after witnessing a positive start, was subjected to profit booking after finding resistance near the 22650 zone and slipped down to end in the red near 22450 level with bias and sentiment weakening, the index is once again precariously placed with 22000 zone as the important and crucial support on the downside. A move past 22700 is necessary to improve the bias and only a decisive breach above 23000 level shall establish conviction for further rise ahead. 
BankNifty once again slipped down with profit booking seen forming a lower top pattern on the daily chart and further ahead, has the important and crucial support zone of 47800 levels which needs to be sustained, failing which, can trigger for fresh intensified selling pressure with 46000 as the next support level. On the upside, as mentioned earlier, would need a decisive breach above the SOEMA zone of 49500 levels to improve the bias and thereafter expect for further rise in the coming days. 
The support for the day is seen at 22300 levels while the resistance is seen at 22700 levels. BankNifty would have the daily range of 47800-48700 levels.

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