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Market Review:

Indian markets benchmarks concluded a volatile trading session on Thursday, ending a five-day winning streak. Sectorally, metal and auto stocks emerged as top performers, while banking and IT stocks witnessed a decline. The S&P BSE Sensex was down 56.74 points or 0.07% to 81,709.12. The Nifty 50 index lost 30.60 points or 0.12% to 24,677.80.

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 24600. If nifty closes below that, further downside can be expected towards 24540-24470 mark. On the flip side 24740-24800 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 24600 and on a decisive close below expect a fall to 24540-24470 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 53370 levels on the downside and on a decisive close below expect a fall to 53000-52740 There is an immediate resistance at 54000-54340 level.

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