Nifty has an immediate Resistance at 24640 and on a decisive close above expect a rise to 24700-24770 levels - Nirmal Bang Ltd
Market Review:
Indian market benchmarks closed deep in the red on Friday, dragged by global headwinds and renewed investor caution. A sharp selloff in the final hour. Barring FMCG, all sectoral indices on the NSE ended with losses, with pharma, healthcare, and metal stocks bearing the brunt. The S&P BSE Sensex declined 585.67 points or 0.72% to 80,599.91. The Nifty 50 index lost 203 points or 0.82% to 24,565.35.
Nifty Technical Outlook
Nifty is expected to open on a positive note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 24640. If Nifty closes above that, further upside can be expected towards 24700-24770 mark. On the flip side 24500-24440 will act as strong support levels.
Action: Nifty has an immediate Resistance at 24640 and on a decisive close above expect a rise to 24700-24770 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 56000 levels on the upside and on a decisive close above expect a rise to 56270-56500. There is an immediate support at 55540-55300 levels.
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