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Nifty tanks: crucial support at 24450-24500 band
Nifty plunged during the intraday session with heavy profit booking witnessed with most of the sectors shedding their gains heavily except for Auto stocks which maintained its strong bias BankNifty slipped further with a big bearish candle formation weakening the bias and sentiment expecting for further slide in the coming sessions. The market breadth was very weak with the advance decline indicating a ratio of 1:4 at close

Market Forecast
Nifty daily range 24500-24900
Nifty, opened with a gap down and tanked heavily with profit booking witnessed as the day progressed to end on a very weak note near 24650 zone with bias turning weak and the index now precariously placed having the crucial and major support positioned near the 24450-24500 zone. With the sentiment now maintained with a very cautious approach, the index needs to sustain the 24450-zone failing which the trend would turn weak triggering for fresh intensified selling pressure in the coming days having the next support at 200 period SMA near 24100 level.
BankNifty, succumbed to heavy profit booking and plunged below the 54400 zone during the intraday session with bias weakening and sentiment turning into very cautious mode with next major support zone lying near 53600 level of the previous bottom made. From current rate, for the index to improve it's bias, it would need to move past the 50EMA level at 55200 zone decisively and thereafter, expect for further rise in the coming days
The support for the day is seen at 24500 levels, while the resistance is seen at 24900 levels. BankNifty would have the daily range of 54000-55200 levels.

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