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Market Preview

Nifty gains strength; ends near 22000 zone

Nifty once again gained momentum and almost attained the 22000 zone during the intraday session with bias maintained positive with the broader markets going strong very well supporting the index in the rally. BankNifty in comparison has been underperforming with sluggish movement witnessed and would need a decisive close above 46500 zone to improve the bias overall. Sectorwise IT, Metals, Auto, Infra and Pharma were among the major gainers while the Banking stocks were among the laggards. The market breadth was maintained strong with the advance decline indicating a ratio of 3:1 at close.

Market Forecast

Nifty daily range 21800-22100

Nifty after opening near the 21800 level slowly and gradually gained momentum to end near the 21900 zone with bias maintained positive and sentiment getting better with the broader markets actively participating. The index has got crucial resistance barrier near 22000 zone while 21500 has been maintained as the important support zone which needs to be sustained from here on. BankNifty witnessed a sluggish rangebound movement throughout the session to end marginally in the red near 45700 zone with overall bias precariously placed and would need to wait and watch for the outcome of the RBI policy which is due in the coming next session. The index needs to close above the 46500 zone to establish some conviction and thereafter expect for further rise in the coming sessions. The support for the day is seen at 21800 while the resistance is seen at 22100. BankNifty would have the daily range of 45300-46200 levels.