Nifty has an immediate Resistance at 26050 and on a decisive close above expect a rise to 26160-26280 levels - Nirmal Bang Ltd
Market Review:
Indian Markets ended slightly lower on tuesday, weighed down by profit booking and weak global cues. The Nifty closed below the 25,950 mark, dragged by declines in IT and consumer durables stocks. However, metal shares advanced on renewed optimism. The S&P BSE Sensex declined 150.68 points or 0.18% to 84,628.16. The Nifty 50 index lost 29.85 points or 0.11% to 25,936.20
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 26050. If Nifty closes above that, further upside can be expected towards 26160-26280 mark. On the flip side 25820-25700 will act as strong support levels. Formation of a Doji candle on daily timeframe, with bias maintained as cautiously positive.
Action: Nifty has an immediate Resistance at 26050 and on a decisive close above expect a rise to 26160-26280 levels.
Bank Nifty
Bank Nifty’s next immediate resistance is around 58440 levels on the upside and on a decisive close above expect a rise to 58700-58900. There is an immediate support at 57830-57470 levels.
Technical Call Updates
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