Bank Nifty faces resistance at 56470; breakout may lift to 56700-56940 - Nirmal Bang Ltd
Market Review:
Indian benchmark closed with minor losses today, snapping their fourday winning streak. The Nifty settled below 25,050 mark after hitting day’s high of 25,192.50 in morning trade. Selling was seen in realty, media, and auto counters, whereas IT and consumer durables stocks witnessed buying interest. In the barometer index, the S&P BSE Sensex declined 153.09 points or 0.19% to 81,773.66. The Nifty 50 index fell 62.15 points or 0.25% to 25,046.15.
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 Resistance at 25160. If Nifty closes above that, further upside can be expected towards 25260-25340 mark. On the flip side 24970-24890 will act as strong support levels.
Action: Nifty has an immediate Resistance at 25160 and on a decisive close above expect a rise to 25260-25340 levels..
Bank Nifty
Bank Nifty’s next immediate resistance is around 56470 levels on the upside and on a decisive close above expect a rise to 56700-56940. There is an immediate support at 56000-55790 levels.
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