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Nifty slips further amid volatility
Nifty witnessed high fluctuations during the intraday session to end marginally in the red with bias tuming slightly weak having the 50EMA zone at 24900 level as the important support. BankNifty witnessed a small pullback from the important 50EMA zone at 55200 level to end near the 55500 zone with bias slightly improved anticipating for further rise. The market breadth was weak once again with the advance decline indicating a ratio of 2:3 at close

Market Forecast
Nifty daily range 25000-25400
Nifty, witnessed a volatile session resisting near the 25250 level and taking support near the 25100 zone during the intraday session, closing marginally on the losing side overall witnessing a gradual slide from 25450 level with bias slightly turning weak. As mentioned earlier, the index would have the major support near the 50EMA level at 24900 zone which needs to be sustained to maintain the overall trend intact while on the upside only a decisive breach above the 25500 level would bring conviction to continue with the positive uptrend in the coming days
BankNifty, on the other hand witnessed a pullback from the important SOEMA zone at 55200 level to end the session near 55500 zone to form a higher bottom pattem on the daily chart anticipating for further follow through of the positive move in the coming sessions. With an Inverted head and shoulder pattem in process on the daily chart, a decisive move above the neckline zone of 55900 level shall trigger for fresh upward move in the coming days provided the 55000 zone is sustained to maintain the overall bias intact.
The support for the day is seen at 25000 levels, while the resistance is seen at 25400 levels. BankNifty would have the daily range of 55200-56000 levels.

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