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Market Review:

Indian markets closed slightly lower on Thursday, with the Nifty50 settling below 25,150 after reaching a high of 25,275.45.IT, media, and consumer durables stocks outperformed, while auto and oil & gas sectors faced selling pressure. The S&P BSE Sensex declined 151.48 points or 0.18% to 82,201.16. The Nifty 50 index lost 53.60 points or 0.21% to 25,145.10.

Nifty Technical Outlook

Nifty is expected to open on a negative note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 25050. If nifty closes below that, further downside can be expected towards 24940-24870 mark. On the flip side 25230-25300 will act as strong resistance levels. It’s a stock specific market trade calls with strict stop loss.

Action: Nifty has an immediate support placed at 25050 and on a decisive close below expect a fall to 24940-24870 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51500 levels on the downside and on a decisive close below expect a fall to 51270-51000. There is an immediate resistance at 52000-52240 levels.

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