IGI Logo

Mareket Preview

Nifty witnesses revival from 25650 zone

Nifty witnessed a recovery after two days of losing streak to close above the 25750 zone with bias showing signs of improvement anticipating for further rise in the coming sessions. BankNifty once again pulled back from the 57700 zone to close above the 58000 level gripped between the tight range for quite some time and would need a decisive breach above the 58500 zone to trigger for a breakout. The market breadth was strong with the advance decline indicating a ratio of 3:2 at close.

Market Forecast

Nifty daily range 25600 - 26000

Nifty after witnessing two sessions of profit booking, indicated a revival from the 25650 zone to touch the 25800 level during the intraday session improve the bias with the broader markets also showing active participation to support the index expecting for further upward movement in the coming sessions. With the overall trend still maintained positive, the index can improve further till 26100 zone, above which a decisive move can further trigger for fresh upward movement in the coming days with the important support positioned near the 25400 zone, as mentioned earlier.

BankNifty witnessed a decent recovery once again to continue with the rangebound movement between 57500 and 58500 zone and only a decisive breach above 58500 zone, when confirmed, we can expect for fresh upward move for the next target of 60000 level in the coming days, with the crucial near-term support positioned near the 57500 zone which needs to be sustained to maintain the overall bias intact.

The support for the day is seen at 25600 levels, while the resistance is seen at 26000 levels. BankNifty would have the daily range of 57700-58600 levels.

Please refer disclaimer at https://www.plindia.com/disclaimer/

SEBI Registration No. INH000000271