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Market Review:

Indian benchmark indices fell for the fifth straight session today. The Nifty closed below 24,900. Barring the Nifty Metal index, all sectoral indices on the NSE ended lower. Realty, IT, and auto stocks saw the sharpest losses. The S&P BSE Sensex dropped 555.95 points or 0.68% to 81,159.68. The Nifty 50 index lost 166.05 points or 0.66% to 24,890.85. In five sessions, the Sensex has slumped 2.23% and the Nifty has tumbled 2.09%.

Nifty 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 support at 24800. If Nifty closes below that, further downside can be expected towards 24740-24670 mark. On the flip side 24960-25000 will act as strong resistance levels.

Action: Nifty has an immediate Support at 24800 and on a decisive close below expect a fall to 24740-24670 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 54900 levels on the downside and on a decisive close below expect a fall to 54670-54440. There is an immediate resistance at 55370-55600 levels.

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