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Nifty consolidates; ends on a flat note

Nifty witnessed another day of consolidation above the 20DMA zone of 24700 with volatile movement for the session, maintaining the positive bias intact. Bank Nifty slipped to some extent with resistance witnessed near the 54300 zone, made a low of 53700, and recovered to end near the 54100 level, with the overall trend remaining positive. The market breadth was overall flat, with the advance decline indicating a neutral ratio at close.

Market Forecast

Nifty daily range 24600-24900

Nifty, with a gap-up opening session, witnessed a volatile session and breached below the important support of the 20DMA level of the 24708 zone but managed to recover in the second half to close the session near the 24750 zone, with the bias still maintained positive overall. The index would need to sustain above the 24600 zone, failing which the next crucial support would be at around the 24400 level, and on the upside, a decisive breach above the 25000 zone is necessary to trigger a fresh upward move in the coming days.
Bank Nifty continued to move within the tight range of the 53500 and 54500 zone, to close near the 54100 level with the overall trend maintained positive. As mentioned earlier, we maintain our stance on the crucial support positioned near the 53500 level, which needs to be sustained, while a decisive breach above the 54500 zone shall trigger a range breakout, and thereafter we expect a fresh further rise in the coming days.
The support for the day is seen at 24600 levels, while the resistance is seen at 25000 levels. BankNifty would have the daily range of 53500-54500 levels.

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