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Market Review:

Domestic equity benchmarks closed with minor gains on Friday, extending their winning streak to a fifth straight session. The Nifty 50 ended above the 25,900 mark, supported by gains in PSU banks, pharma, and FMCG counters. In contrast, IT, metal, and auto stocks came under pressure and capped the upside. The S&P BSE Sensex added 84.11 points or 0.10% to 84,562.78. The Nifty 50 index rose 30.90 points or 0.12% to 25,910.05.

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 25990. If Nifty closes above that, further upside can be expected towards 26060-26190 mark. On the flip side 25790-25660 will act as strong support levels. Expecting, a further upward move with targets of 26300 and 26700 levels, with the undertone maintained strong bullish. Further RSI(14) indicator trading comfortably near its 60 level.

Action: Nifty has an immediate Resistance at 25990 and on a decisive close above expect a rise to 26060-26190 levels.

Bank Nifty

Bank Nifty’s next immediate resistance is around 58790 levels on the upside and on a decisive close above expect a rise to 58940-59180. There is an immediate support at 58400-58150 levels.

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