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Market Forecast

NIFTY

Nifty witnessed a slightly weak morning session but taking support from 21880 zone, it witnessed a strong
pullback to erase the loss and a decisive breach above 22000 zone, further strengthened the bias to record the
All-Time High level of 22252 during the intraday session. With sentiment maintained positive, we anticipate the
index to achieve next targets of 22400 and 22800 levels, respectively in the coming days. The support for the
day is seen at 22100, while the resistance is seen at 22400.

BANKNIFTY

BankNifty witnessed a decent revival from 46400 zone but resisted near the 47000 levels to end lower near
46900 zone and has been underperforming as compared to the Nifty index. The index would have the
important support of 50EMA level near 46200 zone and would need a decisive breach above 47400 levels to
improve the bias. BankNifty would have a daily range of 46600–47500 levels.

Stock Ideas with Trend Reversal

Positive : -

APOLLO HOSPITAL, ASHOK LEYLAND, BEML, BRITANNIA, EICHER MOTOR, HINDALCO,
IRB INFRA, CUMMINS, MOTHERSON SUMI, NAUKARI, RELIANCE, UBL

Negative :-

BANKINDIA, CENTURY TEXT, DABUR, ENGINERSIN, GREAVES COTTON, GREENPLY,
HEIDELBERG, KOTAK MAHINDRA BANK, PAGE IND, SBIN, STAR, VOLTAS

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