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Nifty scales 22200 zone

Nifty continue to surge ahead making new highs and has touched the 22200 zone during the intraday session with sentiment much improved and strong upside movement anticipated in the coming days. BankNifty indicating a strong breakout has triggered for fresh upward move with bias turning strong and major frontline banking stocks turning positive. Sectorwise Media, Banking stocks, Financial services and Infra stocks were among the major gainers while IT, Metals and Auto were among the major laggards. The market breadth was overall slightly on the positive side with the advance decline indicating a ratio of 4:3 at close

Market Forecast

Nifty daily range 22050-22350

Nifty surged ahead to make new high once again breaching above the 22200 zone during the intraday session with the index positioned strongly with further rise anticipated in the coming days. The near-term target for the index would be 22400 levels and with strength sustaining, it can march ahead to next target of 22800 levels with near-term support maintained at 22000 zone. BankNifty has indicated a breakout above the 46800 zone to anticipate for further fresh upward with bias and sentiment turning much positive. The index can carry on with the momentum for next targets of 48200 and 48800 levels in the coming days provided the important support of 46800 zone is sustained. The support for the day is seen at 22050 while the resistance is seen at 22350. BankNifty would have the daily range of 46700-47600 levels.

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