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Market Review:

Indian market benchmarks closed lower for a second consecutive session on Friday, weighed down by lackluster corporate earnings and subdued global cues. The Nifty 50 index slipped below the psychological 25,000 mark, pressured by declines in banking and consumer durables stocks.The S&P BSE Sensex dropped 501.51 points or 0.61% to 81,757.73. The Nifty 50 index slipped 143.05 points or 0.57% to 24,968.40.

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 24900. If Nifty closes below that, further downside side can be expected towards 24840-24770 mark. On the flip side 25070-25140 will act as strong resistance levels.

Action: Nifty has an immediate Support at 24900 and on a decisive close below expect a fall to 24840-24770 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 56170 levels on the downside and on a decisive close below expect a fall to 55940-55770. There is an immediate resistance at 56670-56900 levels.

Technical Call Updates

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