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Market Review:

Indian markets rose modestly on Tuesday, with the Nifty closing above 25,000. Tech, media, and healthcare sectors led the gains. Investors are watching US inflation data and Fed policy decisions closely. The S&P BSE Sensex jumped 361.75 points or 0.44% to 81,921.29. The Nifty 50 index gained 104.70 points or 0.42% to 25,041.10.

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 24970. Any move below the same may extend the fall toward 24900-24830 mark. On the flip side 25100-25170 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 24970 and on a decisive close below expect a fall to 24900-24830 levels.

Bank Nifty

Bank Nifty’s next immediate support is around 51170 levels on the downside and on a decisive close below expect a fall to 51000-50800. There is an immediate resistance at 51540-51700 levels.

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