Bank Nifty is expected to open on a flattish note and likely to witness range bound move during the day - Nirmal Bang Ltd
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MARKET REVIEW
* Equity benchmarks ended sharply lower for a fifth straight session on Friday.
* Auto and consumer durables stocks led the decline, while energy, IT and PSU bank shares bucked the trend and closed higher.
* The S&P BSE Sensex tumbled 604.72 points or 0.72% to 83,576.24. The Nifty 50 index dropped 193.55 points or 0.75% to 25,683.30.
NIFTY FUT CHART
NIFTY FUT 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 25870. If Nifty closes above that, further upside can be expected towards 26000-26100 mark.
* On the flip side 25700-25640 will act as strong support levels.
BANK NIFTY FUT CHART
BANK NIFTY FUT TECHNICAL OUTLOOK
* Bank Nifty is expected to open on a flattish note and likely to witness range bound move during the day.
* Bank Nifty’s next immediate resistance is around 59700 levels on the upside and on a decisive close above expect a rise to 59840-60000.
* There is an immediate support at 59340-59150 levels
TECHNICAL CALL UPDATES
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