Morning Market Outlook : Bank Nifty support is at 48000 then 47750 zones while resistance at 48750 then 49000 zones by Motilal Oswal Wealth Management
• The market is expected to open on a positive note due to several favourable factors. A rally in the global market, better-than-expected Q3 results from companies like ICICI Lombard, Wipro, Tech Mahindra, and Kotak Bank, easing geopolitical tensions in the Gulf, and a decline in the US Dollar and 10-year G-Sec yield, driven by expectations of a rate cut by the US Federal Reserve, could lift market sentiment.
• US stocks closed higher on Friday up to 1.5%, with the S&P 500 and Dow posting their largest weekly percentage gains by 3.5% since early December.
• Sugar stocks could be in focus due to the government’s decision to allow the export of 10 lakh metric tonnes of sugar.
• Positive quarterly results from IT companies are likely to lift tech stocks.
• Gift Nifty is flat to positive
Nifty Technical Outlook
NIFTY (CMP : 23203) Nifty immediate support is at 23000 then 22900 zones while resistance at 23333 then 23500 zones. Now till it holds below 23333 zones, weakness could continue towards 23000 then 22900 zones while hurdles are placed at 23333 then 23500 zones
Bank Nifty Technical Outlook
BANK NIFTY (CMP : 48540) Bank Nifty support is at 48000 then 47750 zones while resistance at 48750 then 49000 zones. Now till it holds below 48750 zones some weakness could be seen towards 48000 then 47750 levels while on the upside hurdles are seen at 48750 then 49000 zones.
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