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Below the Technicals Daily Morning Report by Vaishali Parekh, Vice President  - Technical Research, Prabhudas Lilladher Pvt. Ltd.          

Forecast

NIFTY

Nifty has been oscillating between the zone of 21500 and 21800 levels for quite some time and once again witnessed a pullback from near the 21550 level to end on a quite positive note near 21750 levels with the broader market once again showing active participation. As said earlier, the index needs to decisively breach above the 21800 barrier to establish conviction for further rise. The support for the day is seen at 21600 while the resistance is seen at 21900.

BANKNIFTY

BankNifty, in a similar manner, has been gripped between the range of 45800 and 44800 levels for the past 4 sessions and would need a decisive breach on either side for further confirmation of the trend. The index has been maintaining the important 200 period MA of 44900 as the crucial support zone as of now. BankNifty would have the daily range of 45000-46000 levels.

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