Bank Nifty faces resistance at 56670; breakout may target 56900-57140 - Nirmal Bang Ltd
Market Review:
Indian benchmark ended with minor gains today, extending their winning run for the fourth consecutive session. The Nifty settled above 25,100 level. Realty, oil & gas and pharma shares advanced while FMCG, media and PSU Bank shares declined. The barometer index, the S&P BSE Sensex jumped 136.63 points or 0.17% to 81,926.75. The Nifty 50 index gained 30.65 points or 0.12% to 25,108.30.
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 25190. If Nifty closes above that, further upside can be expected towards 25280-25340 mark. On the flip side 25050-24990 will act as strong support levels.
Action: Nifty has an immediate Resistance at 25190 and on a decisive close above expect a rise to 25280-25340 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 56670 levels on the upside and on a decisive close above expect a rise to 56900-57140. There is an immediate support at 56240-56000 levels.
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