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Nifty manages to end above 22500 zone

Nifty after the positive opening session, remained rangebound and ended above the 22500 zone to maintain an optimistic appproach anticipating for further upward movement. BankNifty looks technically well poised for further rise in the coming days with major frontline banking stocks looking good. The advance decline was overall slightly on the weaker side with a ratio of 3:4 at close

Market Forecast

Nifty daily range 22400-22700

Nifty, has been gripped between a tight range of 22350 and 22550 levels for quite some time with bias maintained with a cautiously positive approach and would need a decisive breach above the 22700 zone to trigger for fresh upward move. As mentioned earlier, the index has the crucial and important support zone of 22000 level which needs to be sustained and on the upside, as mentioned earlier, only a decisive breach above 23000 level shall establish conviction to expect for further rise in the coming days. BankNifty, has managed to sustain above the important support of 47800 zone on several occasions, indicating a strong base and with bias overall maintained with a cautiously positive approach, a decisive breach above the 50EMA zone of 49300 levels is necessary to improve the bias and thereafter, trigger for further rise in the coming days. With most of the frontline banking stocks well poised indicating improvement in the bias, we expect an upward move in the coming sessions. The support for the day is seen at 22400 levels while the resistance is seen at 22700 levels. BankNifty would have the daily range of 48000-48800 levels.

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