Technical Forecast : Nifty recovers; sustains 25000 zone by Vaishali Parekh, Vice President - Technical Research at PL Capital
Market Preview
Nifty recovers; sustains 25000 zone
Nifty once again witnessed a decent pullback from the 25000 zone to signify strength and can anticipate for further rise in the coming days with 24900 level positioned as the important support. BankNifty having indicated a positive move sustaining above the 55700 zone, has once again improved the bias to anticipate fresh upward move having targets of 57300 and 57700 levels in the near future. The market breadth was overall flat with the advance decline indicating a neutral ratio at close
Market Forecast
Nifty daily range 25000-25400
Nifty having found support near the 25000 zone has witnessed a good recovery to improve the bias once again touching the 25200 zone with optimistic view maintained for further rise in the coming sessions. The index, as said earlier, would need a decisive breach above the important hurdle at 25300 zone to establish conviction and clarity to carry on further ahead with the ongoing uptrend with the 50EMA level at 24900 zone positioned as the important support.
BankNifty, after a short period of consolidation maintaining above the important 100 period SMA at 55700 zone has indicated a decent recovery to end near the 56200 zone with bias once again improving expecting for further rise in the coming sessions. The Inverted Head & Shoulder neckline zone at 55600 level has been sustained and once a decisive move above 56500 level is confirmed, we can anticipate for further upward move for target of 57700 zone in the coming days with frontline banking stocks well poised for further gains
The support for the day is seen at 25000 levels, while the resistance is seen at 25400 levels. BankNifty would have the daily range of 55800-57000 levels.
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