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Sensex 80288.38 + 70.01

 Nifty 24335.95 + 07.45

Bank Nifty 55391.25 - 41.55

Market Preview

Nifty hovers near 24350 zone

Nifty witnessed some consolidation near the 24350 zone with the sentiment slighly turning into cautious mode with the ongoing geo-political tensions. BankNifty has maintained near the 55400 zone with bias still maintained positive and would need to establish stability and conviction for further developments. The market breadth was almost flat with the advance decline indicating an almost neutral ratio at close.

Market Forecast

Nifty daily range 24200-24500

Nifty, after opening on a positive note to scale 24450 zone, once again with some profit booking consolidated near the 24350 zone to end the session on a flat note with bias maintained positive but sentiment slightly turning weak with a cautious approach. As mentioned earlier, the index would have the near-term support near the important 200 period MA at 24050 level which if sustained, can regain with the positive. move for further rise in the coming days. BankNifty, erased the positive opening session almost scaling the 56000 level and with profit booking witnessed closed on a flat note near the 55400 zone with bias still maintained strong having the important near-term support at 54500 zone which needs to be sustained. The index on the daily chart has indicated a flag pattern and once a decisive breach above 55700 is confirmed, we can expect for another fresh round of momentum to carry on with the positive with fresh upside targets achievable in the coming days. The support for the day is seen at 24200 levels while the resistance is seen at 24500 levels. BankNifty would have the daily range of 55000-56000 levels.

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