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Nifty breaches below the 24900 zone
Nifty slips further with a bearish candle formation on the daily chart moving below the important support zone of 24900 level, with the bias maintained with a cautious approach. BankNifty witnessing a sluggish movement slippert below the 55000 zone to weaken the bias and would need a significant revival to improve the bias in the coming sessions. The market breadth was weak with the advance decline indicating a ratio of 2:5 at close

Market Forecast
Nifty daily range 24750-25200
Nifty, has slipped significantly for the Sth consecutive sessions losing almost 600 points from the peak made near 25450 zone breaching below the important support positioned near the confluence of 50EMA and 100 period SMA at 24900 level and the overall bias has tumed into a cautious approach as of now With the sentiment shaken, the index would need a revival in the coming days failing which it can slide further towards our next major and crucial support zone lying near the 24500 level below which the overall trend would tum negative,
BankNifty, witnessed a gradual slide to move below the 55000 zone with the overall bias having no clear direction and with sluggish movement visible, the index needs to pick momentum and move past the 55800 zone to improve the sentiment and thereafter, expect for fresh positive move in the coming days. The index would have the important 54800-55000 support band which needs to be sustained to maintain the overall bias intact failing which it can slip further to 53600 zone with bias weakening further.
The support for the day is seen at 24750 levels, while the resistance is seen at 25200 levels. BankNifty would have the daily range of 54500-55600 levels.

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