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Nifty slips to end near 22100 zone

Nifty index after finding resistance near the 22300 zone on Friday, once again remained rangebound for the entire session resisting near 22200 levels and slipped to some extent with some profit booking witnessed. BankNifty also could not move past the 46900 zone and gradually came down to end near 46600 zone with bias losing steam. Sectorwise Energy was the lone major gainer while IT, Metals, Banking stocks and Pharma were among the laggards. The market breadth turned slightly weak with the advance decline indicating a ratio of 2:3 at close.

Market Forecast

Nifty daily range 22000-22250

Nifty index after making the new high near 22300 zone took a breather and with some cooling off witnessed, it has slipped to close near 22100 levels with 22000 zone maintained as the psychological and important support from current levels. The overall bias is maintained strong and with some revival expected, the index would once again regain strength to carry on the upward move for next targets of 22400 and 22800 levels. BankNifty as compared to Nifty index is witnessing sluggishness and with near-term support maintained near the 50EMA level of 46200 zone, it would need to breach above the 47300 band to trigger for fresh upward move. The support for the day is seen at 72400/22000 level while the resistance would be seen at 73300/22250. BankNifty would have the daily range of 46300-47000 levels.

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