Bank Nifty faces resistance near 56570; breakout may lift to 56970-57200 - Nirmal Bang Ltd
Market Review:
Indian Markets ended sharply higher today as optimism built up ahead of TCS' Q2 results. The Nifty climbed steadily after an early bout of volatility to close above the 25,180 mark, supported by gains in metal, IT, and healthcare stocks. The S&P BSE Sensex advanced 398.44 points or 0.49% to 82,17210. The Nifty 50 index added 135.65 points or 0.54% to 25,181.80.
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 25240. If Nifty closes above that, further upside can be expected towards 25300-25370 mark. On the flip side 25070-24970 will act as strong support levels.
Action: Nifty has an immediate Resistance at 25240 and on a decisive close above expect a rise to 25300-25370 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 56570 levels on the upside and on a decisive close above expect a rise to 56970-57200. There is an immediate support at 56180-55800 levels.
Technical Call Updates
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