Technical Morning Ideas : Nifty Stagnates Near 22,550; Below 22,500 May Trigger Sell-Off - Prabhudas Lilladher
Forecast
NIFTY / SENSEX
Nifty witnessed a dull sluggish session and remained hanging near the 22550 zone for most part of the session with bias and sentiment maintained with a cautious approach and further ahead, a decisive move below 22500 level shall trigger for fresh selling pressure. On the upside, as mentioned earlier, the index would need to move past the near-term hurdle of 22800 level to regain some strength and only a close above 23000 zone shall bring conviction for further upward move. Sensex has witnessed a slight pullback to maintain above the 74500 zone and would need to carry on with the positive move further ahead to restore some lost sentiment and regain strength. The index needs to move past the important levels of 75200 and 75500 zone decisively to establish conviction and thereafter, hope for further rise in the coming days. The support for the day is seen at 22400 levels while the resistance is seen at 22800 levels.
BANKNIFTY / BANKEX
BankNifty witnessed a very narrow range bound session hovering near the 48650 zone with no clear direction and was able to sustain the near-term support area of 48400 zone with bias maintained with a cautious approach. The index needs to move past the resistance hurdle of 49700 zone which is necessary to anticipate for further rise thereafter in the coming days. Bankex amid fluctuations found resistance near the 55700 zone and ended on a flat note with bias still remaining very cautious and would need a decisive breach above 56300 levels to establish conviction and improve the bias, thereafter to anticipate for further rise. The level of 55000 would be the important support zone as of now which the index need to sustain. Bank Nifty would have the daily range of 48200- 49000 levels.
Nifty / BankNifty / Sensex / Bankex - Daily Technical Levels
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