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Market Review:

Indian benchmark ended sharply lower on friday, breaking a six-day winning streak as traders booked profits. The broader market outperformed the frontline indices. The Nifty slipped below the 24,900 mark, weighed down by weakness in banking and metal stocks. The S&P BSE Sensex declined 693.86 points or 0.85% to 81,306.85. The Nifty 50 index fell 213.65 points or 0.85% to 24,870.10.

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 24940. If Nifty closes above that, further upside can be expected towards 25000-25070 mark. On the flip side 24800-24740 will act as strong support levels.

Action: Nifty has an immediate Resistance at 24940 and on a decisive close above expect a rise to 25000-25070 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 55500 levels on the upside and on a decisive close above expect a rise to 55750-56000. There is an immediate support at 55000-54770 levels.

Technical Call Updates

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