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Nifty slips below 25500 zone

Nifty shed some of the gains from the peak level of 25650 zone slipping below the 25500 zone with some profit booking witnessed maintaining the overall bias intact. BankNifty succumbed to heavy profit booking sliding below the 57000 zone during the intraday session, with bias slightly afftected. The market breadth was slighity on the weaker side with the advance decline indicating a ratio of 3:4 at close.

Market Forecast

Nifty daily range 25300-25600
Nifty index after resisting near the 25650 zone has witnessed a gradual slide with profit booking happening with the bias and sentiment still maintained strong, having the near-term support positioned near 25250-25300 zone. Once the index stabilises and indicate a revival, we can expect to carry on with the positive move for higher targets of 25700 and 26200 levels which is achievable.
BankNifty, witnessed heavy profit booking after resisting near the 57600 zone, slipping down to close near the 57000 zone slightly weakening the bias but with the overall trend maintained intact one can expect the index to consolidate near the 56000 zone which is the near-term important support. On the upside, once a decisive breach above the resistance level of 57600 is breached, thereafter one can expect for fresh targets of 58500 and 60000 levels in the coming days.
The support for the day is seen at 25300 levels while the resistance is seen at 25600 levels. BankNifty would have the daily range of 56500-57600 levels.

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