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Market Review:

Indian markets ended flat today after early gains fizzled. Profit booking set in after the key indices touched record highs, with banking and FMCG stocks leading the decline. IT stocks provided the lone bright spot.The S&P BSE Sensex was down 34.74 points or 0.04% to 79,441.45. The Nifty 50 index lost 18.10 points or 0.07% to 24,123.85.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 24270. If nifty closes above that, further upside can be expected towards 24340-24400 mark. On the flip side 24040-23940 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate resistance placed at 24270 and on a decisive close above expect a rise to 24340-24400 levels.

Bank Nifty

Bank Nifty faces an immediate resistance around 52800 levels on the upside and on a decisive close above expect a rise to 53270-53500 There is an immediate support at 52070-51740 levels

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