Nifty has an immediate Resistance at 25560 and on a decisive close above expect a rise to 25630-25740 levels - Nirmal Bang Ltd
Market Review:
Indian Market closed marginally lower on Friday, marking their third straight session of losses. Sectorally, consumer durables, IT, and FMCG stocks came under pressure, while metals, PSU banks, and auto counters saw renewed buying interest.The S&P BSE Sensex, declined 94.73 points or 0.11% to 83,216.28. The Nifty 50 index fell 17.40 points or 0.07% to 25,492.30.
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, A sustained move above 25560 could trigger a short-covering rally towards 25680-25740 while failure to hold 25370 may extend weakness towards 25200. Traders are advised to stay selective and maintain a buy-on-dips approach near strong support zones.
Action: Nifty has an immediate Resistance at 25560 and on a decisive close above expect a rise to 25630-25740 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 58500 levels on the upside and on a decisive close above expect a rise to 58830-59000 There is an immediate support at 57970-57650 levels.
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