Technical Forecast : Nifty hovers near the 50EMA at 25750 zone by Prabhudas Lilladher Ltd
Market Preview
Nifty hovers near the 50EMA
Nifty witnessed a sluggish session with a narrow range-bound movement, just managing to sustain above the 50EMA level of the 25770 zone, with the bias remaining cautious. BankNifty was gripped within a narrow range between the 59100 and 58800 zones with no clear direction as of now, with bias and sentiment precariously placed. The market breadth ended on a weak note, with the advance decline indicating a ratio of 1:2 at close.
Market Forecast
Nifty daily range 25650-26000
Nifty witnessed another day of profit booking, which ended above the 25800 zone with bias slightly weakened and with near-term support positioned near the 25750 level; it would need a revival to maintain the bias intact. With the overall bias still maintained positive, we have the major support near the 25700 zone, while on the upside a decisive breach above the 26050 level is necessary to establish conviction and continue with the positive uptrend in the coming days, having the 26200 level as the next immediate target.
BankNifty continued to move within the tight range, resisting near the 59150 zone, witnessing a sluggish session to end near the 59000 level with bias maintained intact. As said earlier, a decisive breach above the 59500 zone is much needed to expect a fresh upward move in the coming days, having the higher target of the 60000 level, with the crucial near-term support positioned near the 50EMA level of 58300, which needs to be sustained to keep the overall bias intact.
The support for the day is seen at 25650 levels, while the resistance is seen at 26000 levels. BankNifty would have the daily range of 58500-59500 levels.
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