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Market Review:

Indian market take a breather: geopolitics and caution grip the wheel; Nifty clings to 24,300. Realty and pharma stocks flexed some muscle, while energy and banking stocks decided to sit this one out. The trading action was tight, with the index moving in a narrow band. The Sensex shed 46.14 points or 0.06% to 80,242.24. The Nifty 50 index fell 1.75 points or 0.01% to 24,334.20.

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 support at 24300. If Nifty closes below that, further downside can be expected towards 24220-24100 mark. On the flip side 24420-24500 will act as strong resistance levels.

Action: Nifty has an immediate support placed at 24300 and on a decisive close below expect a fall to 24420-24500 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 54720 levels on the downside and on a decisive close below expect a fall to 54340-54000 There is an immediate resistance at 55470-55850 levels.

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