Technical Forecast : Nifty extends losses; ends below 25900 zone by Prabhudas Lilladher Ltd
Market Preview
Nifty extends losses; ends below 25900 zone
Nifty witnessed further profit booking in the final hours amid volatility to end the session below 25900 level with bias slightly maintained with a cautious approach. BankNifty overall has been consolidating near the 59000 zone with bias maintained intact The market breadth was overall flat with the advance decline indicating a neutral ratio at close
Market Forecast
Nifty daily range 25750-26100
Nifty slipped further extending the losses to end below the 25900 level with three consecutive losing sessions closing near the 25900 level with bias slightly getting into a cautious mode. As mentioned earlier, the index would have the near-term support band near 25750-25800 zone which needs to be sustained and on the upside, to get the momentum going, it would need a revival and move past the 26000 level to once again establish conviction and thereafter, can expect for fresh higher targets of 26500 and 27200 levels in the coming days.
BankNifty amid fluctuations has been consolidating near the 58800 zone with bias maintained intact having the near-term support positioned near the 58000 level while the major and crucial support lies near the 50EMA zone at 57400 level which needs to be sustained to maintain the overall trend intact. On the upside, a decisive breach above the 59500 zone is much needed to carry on with the positive trend.
The support for the day is seen at 25750 levels, while the resistance is seen at 26100 levels. BankNifty would have the daily range of 58500-59400 levels
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