Nifty has an immediate resistance at 21970 - Nirmal Bang Ltd
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Market Review:
Indian market navigated through turbulent waters on February 14, overcoming initial selloff triggered by the hotter-than-expected US inflation figures. This positive trajectory was driven by a surge in State Bank of India. The S&P BSE Sensex gained 267.64 points or 0.37% to 71,822.83. The Nifty 50 index added 96.80 points or 0.45% to 21,840.05.
Nifty Technical Outlook
Nifty is expected to open on a positive note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate resistance at 21970. If nifty closes above that, further upside can be expected towards 22070-22200 mark. On the flip side 21640-21500 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.
Action: Nifty has an immediate resistance placed at 21970 and on a decisive close above expect a rise to 22070-22200 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 46620 levels on the upside and on a decisive close above expect a rise to 47150-47700 There is an immediate support at 45300-44500 levels.
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