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Market Review:

Indian markets advanced today, with the Nifty50 decisively breaching the 24,400 level. Sectors like autos, consumer durables, and pharma fueled the rally. The S&P BSE Sensex rose 391.26 points or 0.49% to 80,351.64. The Nifty 50 index added 112.65 points or 0.46% to 24,433.20.

Nifty Technical Outlook

Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 24470. If nifty closes above that, further upside can be expected towards 24540-24600 mark. On the flip side 24270-24340 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 24470 and on a decisive close above expect a rise to 24540-24600 levels

Bank Nifty

Bank Nifty faces an immediate resistance around 52740 levels on the upside and on a decisive close above expect a rise to 52870-53000 There is an immediate support at 52500-52370 levels.

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