Technical Forecast : Nifty sustains above 24600 zone by Vaishali Parekh, Vice President - Technical Research at PL Capital
Market Preview
Nifty sustains above 24600 zone
Nifty witnessed a sluggish session on the F&O segment expiry day with a narrow rangebound movement just sustaining above the 24600 zone with bias maintained with a cautious approach BankNifty remained stagnant after the positive opening ending near the 54600 zone with bias maintained optimistic for furhter coming sessions. The market breadth was once again flat with the advance decline indicating a neutral ratio at close.
Market Forecast
Nifty daily range 24500-24800
Nifty, once again witnessed a sluggish session on the expiry day with a rangebound movement gripped between the 24700 and 24600 zone for the entire session to end almost on a flat note. With the bias overall maintained with a cautious approach, the Index is precariously placed having the crucial and major support positioned near the 24450-24500 zone, as mentioned earlier, and on the upside, would desperately need a decisive breach above the 24900 zone to expect for further upside movement in the coming days.
BankNifty, after opening on a positive note remained almost stagnant with narrow range movement to close in the green near 54600 zone with bias precariously placed anxiously anticipating for a pullback in the coming sessions. As said earlier, with the major support zone lying near 53600 level of the previous bottom made, the index would need to breach above the 50EMA level at 55100 zone and thereafter, the neckline of the Inverted Head and Shoulder at 55500 level to establish conviction and expect for further rise in the corning days
The support for the day is seen at 24500 levels, while the resistance is seen at 24800 levels. BankNifty would have the daily range of 54200-55400 levels.
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