IGI Logo

* Sensex 82755.51 + 700.40 

* Nifty 25244.75 + 200.40

* Bank Nifty 56621.15 + 159.25

Market Preview
Nifty ends on a positive note above 25200 zone
Nifty witnessed a strong session moving past the 25200 zone with overall bias improving and expecting for further rise in the coming sessions with the geo-political tensions easing out. BankNifty sustained above the 56000 zone with bias maintained positive and can carry on with the positive move further ahead to breach above the 57000 zone. The market breadth was strong with the advance decline indicating a ratio of 3:1 at close.

Market Forecast
Nifty daily range 25100-25500
Nifty, indicated a strong closing above the 25200 zone after a long wait with further rise expected in the coming sessions with the overall sentiment easing out and bias improving as of now. The index, as mentioned earlier, a decisive breach above the 25250 zone shall trigger for fresh further upward move in the coming days with targets of 25700 and 26200 levels visible. On the downside, the near-term support shall be elevated to 24800 zone which needs to be sustained to maintain the overall bias intact.
BankNifty, has moved into the positive territory above the 56000 zone with bias and sentiment improving expecting for further rise in the coming days, and once a decisive breach above the 57000 zone is confirmed, shall trigger for fresh upward move with higher targets of 58500 and 60000 levels achievable.
The 50EMA zone at 54900 level would be the important support whereas the near-term support is positioned near 55400 level which needs to be sustained as of now.
The support for the day is seen at 25100 levels while the resistance is seen at 25500 levels. BankNifty would have the daily range of 56200-57200 levels.

Above views are of the author and not of the website kindly read disclaimer