Nifty has an immediate Resistance at 25400 and on a decisive close above expect a rise to 25470-25540 levels - Nirmal Bang Ltd
Market Review:
Indian benchmark extended gains for a second straight session on Wednesday. The Nifty closed above the 25,300 mark, aided by strength in PSU banks, IT and energy stocks. The S&P BSE Sensex rallied 313.02 points or 0.38% to 82,693.71. The Nifty 50 index added 91.15 points or 0.36% to 25,330.25.
Nifty Technical Outlook
Nifty is expected to open on a gap up note and likely to witness positive move during the day. On technical grounds, Nifty has an immediate Resistance at 25400. If Nifty closes above that, further upside can be expected towards 25470-25540 mark. On the flip side 25270-25200 will act as strong support levels.
Action: Nifty has an immediate Resistance at 25400 and on a decisive close above expect a rise to 25470-25540 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 55940 levels on the upside and on a decisive close above expect a rise to 56170-56340. There is an immediate support at 55470-55200 levels.
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Quote on Nifty by Rupak De, Senior Technical Analyst, LKP Securities
