Nifty has an immediate resistance placed at 16700 and on a decisive close above expect a rise to 16780-16850 levels - Nirmal Bang
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Market Review:
Indian markets ended with record closing spree on Tuesday. The Nifty managed to end above the crucial 16,600 mark. IT, FMCG and pharma stocks advanced while metal, banks and financial shares declined. The barometer index, the S&P BSE Sensex, rose 209.69 points or 0.38% at 55,79
Nifty Technical Outlook
Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 16700. If nifty closes above that, further upside can be expected towards 16780-16850 mark. On the flip side 16540-16450 will act as strong support levels. It’s a stock specific market trade calls with strict stoploss.
Action: Nifty has an immediate resistance placed at 16700 and on a decisive close above expect a rise to 16780-16850 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 36100 levels on the upside and on a decisive close above expect a rise to 36300-36550. There is an immediate support at 35700-35500 levels.
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