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Market Review:

Indian market wrapped up the day on a high note.The Nifty sailed past the 24,850 level, lifted by strong performances in FMCG and IT stocks. FMCG shares rallied on the back of upbeat monsoon forecasts, while IT stocks staged a smart comeback after a recent dip. The S&P BSE Sensex zoomed 769.09 points or 0.95% to 81,721.08. The Nifty 50 index jumped 243.45 points or 0.99% to 24,853.15.

Nifty Technical Outlook

Nifty is expected to open on a positive note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 24970. If Nifty closes below that, further upside can be expected towards 25070-25200 mark. On the flip side 24790-24680 will act as strong support levels.

Action: Nifty has an immediate Resistance placed at 24970 and on a decisive close above expect a rise to 25070-25200 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 55600 levels on the upside and on a decisive close above expect a rise to 55820-56200 There is an immediate support at 55020-54640 levels

Technical Call Updates

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