Bank Nifty’s next immediate resistance is around 56340 levels on the upside and on a decisive close above expect a rise to 56640-56800 - Nirmal Bang Ltd
Market Review:
Indian market benchmarks took a hit today as rising tensions in the Middle East spooked investors. The Nifty closed below the 25,000 mark, dragged down by IT, auto, and FMCG stocks. The S&P BSE Sensex, tanked 511.38 points or 0.62% to 81,896.79. The Nifty 50 index slipped 140.05 points or 0.56% to 24,971.90.
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 25240. If Nifty closes above that, further upside can be expected towards 25300-25370 mark. On the flip side 24900-24800 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 56340 levels on the upside and on a decisive close above expect a rise to 56640-56800. There is an immediate support at 55840-55570 levels.
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Quote on Nifty by Rupak De, Senior Technical Analyst, LKP Securities
