Technical Forecast : Nifty consolidates near 25100 zone by Vaishali Parekh, Vice President - Technical Research at PL Capital
Market Preview
Nifty consolidates near 25100 zone
Nifty halted the ongoing upward move resisting near the 25150 level and consolidating for rest part of the session with bias maintained positive. BankNifty continuing with the sluggish move, slowly and steadily is rising, but would need a conviction and clear direcitonal move in the coming days. The market breadth was overall flat slightly shifted toward the positive side with the advance decline almost showing a neutral ratio at close.
Market Forecast
Nifty daily range 24900-25300
Nifty, finally ended the long winning streak finding resistance near the 25150 zone and with a very narrow rangebound movement closed marginally in the red near the 25100 zone. The overall bias is maintained and as mentioned earlier, the index would need a decisive breach above the 25250-25300 zone to establish conviction and thereafter, can trigger for a breakout to anticipate for further fresh upward move. From current level, the 50EMA at 24800 zone would be positioned as the near-term important support which needs to be sustained as of now.
BankNifty, continue to witness a sluggish and narrow rangebound session overall indicating a gradual rise in the last few sessions but lacking conviction and a clear directional move. As we have been mentioning, the index would need a decisive move past the 50EMA at 55200 zone to overall improve the bias and thereafter, establishing conviction anticipating for fresh upward move in the coming days with 53600 level maintained as the important support zone which needs to be sustained.
The support for the day is seen at 24900 levels, while the resistance is seen at 25300 levels. BankNifty would have the daily range of 54500-55600 levels.
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