Nifty has an immediate resistance placed at 19200 and on a decisive close above expect a rise to 19240-19300 levels - Nirmal Bang Ltd
Market Review:
Indian markets made a strong recovery yesterday. The US Federal Reserve's decision to keep interest rates steady, a decision in US bond yields, and stabilised crude oil prices. PSU banks, metal companies, and select heavyweight stocks spearheaded the recovery. S&P BSE Sensex, surged by 489.57 points or 0.77% to reach 64,080.90. the Nifty 50 index increased by 144.10 points or 0.76%, closing at 19,133.25
Nifty Technical Outlook
Nifty is expected to open gap up and likely to witness positive move during the day. On technical grounds, Nifty has an immediate resistance at 19200. If nifty closes above that, further upside can be expected towards 19240-19300 mark. On the flip side 19060-19000 will act as strong support levels. It’s a stock specific market trade calls with strict stop loss.
Action: Nifty has an immediate resistance placed at 19200 and on a decisive close above expect a rise to 19240-19300 levels.
Bank Nifty
Bank Nifty faces an immediate resistance around 43590 levels on the upside and on a decisive close above expect a rise to 43860-44170. There is an immediate support at 43000-42700 levels.
Technical Call Updates
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