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Market Review:

Indian market ended slightly in the red yesterday, logging a second straight day of losses as investor sentiment remained fragile. The Nifty closed below the 24,950 mark, weighed down primarily by IT stocks, which took a hit in the wake of the U.S. rating downgrade. The S&P BSE Sensex declined 271.17 points or 0.33% to 82,059.42. The Nifty 50 index fell 74.35 points or 0.30% to 24,945.45.

Nifty Technical Outlook

Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 25070. If Nifty closes below that, further upside can be expected towards 25140-25200 mark. On the flip side 25000-24940 will act as strong support levels.

Action: Nifty has an immediate Resistance placed at 25070 and on a decisive close above expect a rise to 25140-25200 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 55770 levels on the upside and on a decisive close above expect a rise to 56000-56240 There is an immediate support at 55240-55000 levels.

Technical Call Updates

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