Nifty is expected to open gap up and likely to witness positive move during the day - Nirmal Bang
Market Review:
Indian markets managed to settle higher on Monday, snapping a twoday losing streak. IT and PSU banks advanced while oil & gas and FMCG stocks declined. The barometer index, the S&P BSE Sensex advanced 169.51 points or 0.29% to 59,500.41. The Nifty 50 index added 44.60 points or 0.25% to 17,648.95.
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 17770. If nifty closes above that, further upside can be expected towards 17890-18000 mark. On the flip side 17550-17470 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 17770 and on a decisive close above expect a rise to 17890-18000 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 41000 levels on the upside and on a decisive close above expect a rise to 41270-41500. There is an immediate support at 40550-40300 levels.
Technical Call Updates
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