Nifty has an immediate Resistance at 24800 and on a decisive close above expect a rise to 24870-24940 levels - Nirmal Bang Ltd
Market Review:
Indian benchmark ended almost unchanged on Friday as profit booking in FMCG and IT counters offset gains in auto stocks. The market, which opened higher on the back of positive global cues, struggled to hold on to early momentum despite the government’s sweeping "GST 2.0" overhaul. The S&P BSE Sensex shed 7.25 points or 0.01% to 80,710.76. The Nifty 50 index rose 6.70 points or 0.03% to 24,741.
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 Resistance at 24800. If Nifty closes above that, further upside can be expected towards 24870-24940 mark. On the flip side 24670-24600 will act as strong support levels.
Action: Nifty has an immediate Resistance at 24800 and on a decisive close above expect a rise to 24870-24940 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 54600 levels on the upside and on a decisive close above expect a rise to 54840-55000. There is an immediate support at 54140-53870 levels.
Technical Call Updates
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