Nifty is expected on flattish note up and likely to witness sideways move during the day - Nirmal Bang
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Market Review:
Indian markets ended with stellar gains on Friday, mirroring strong global cues. The Nifty closed near the 18,350 mark. IT, metals, financial services stocks rallied while PSU banks, auto and FMCG stocks corrected. the S&P BSE Sensex, surged 1,181.34 points or 1.95% to 61,795.04. The Nifty 50 index gained 321.50 points or 1.78% to 18,349.70
Technical Outlook
Nifty is expected on flattish note up and likely to witness sideways move during the day. On technical grounds, Nifty has an immediate resistance at 18400. If nifty closes above that, further upside can be expected towards 18470/18540 mark. On the flip side 18200 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 18400 and on a decisive close above expect a rise to 18470-18540 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 42470 levels on the upside and on a decisive close above expect a rise to 42640/42800. There is an immediate support at 42100/41800 levels.
Technical Call Updates
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