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Market Review:

Indian markets closed flat today with a slight downward tilt. FMCG and oil & gas stocks found favor, while PSU banks and consumer durables took a hit.The S&P BSE Sensex was down 36.22 points or 0.05% to 79,960.38. The Nifty 50 index shed 3.30 points or 0.01% to 24,320.55.

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 support at 24300. Any move below the same may extend the fall toward 24240-24140 mark. On the flip side 24400-24500 will act as strong resistance levels. It’s a stock specific market, trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 24300 and on a decisive close below expect a fall to 24240-24140 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 52340 levels on the downside and on a decisive close below expect a fall to 52100-51700. There is an immediate resistance at 52800-53070 levels.

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